<SEC-DOCUMENT>0001292814-12-002680.txt : 20121114
<SEC-HEADER>0001292814-12-002680.hdr.sgml : 20121114
<ACCEPTANCE-DATETIME>20121114135252
ACCESSION NUMBER:		0001292814-12-002680
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20120930
FILED AS OF DATE:		20121114
DATE AS OF CHANGE:		20121114

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:		121203037

	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>siditr3q12_6k.htm
<DESCRIPTION>ITR - QUARTERLY FINANCIAL INFORMATION 3Q12
<TEXT>

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   <TITLE>siditr3q12_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 November, 2012</B></FONT></DIV><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-14732 </B></FONT></DIV>

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

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

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

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

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

<DIV align=center></DIV>

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

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

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

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

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

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

<P></P>

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

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

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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

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

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<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 17pt">

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

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

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

   <P style="MARGIN: 6pt 0cm 3pt"><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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="88%">

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

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

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

<TR style="HEIGHT: 17pt">

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="88%">

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

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

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

<TR style="HEIGHT: 17pt">

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

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

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

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

<TR style="HEIGHT: 17pt">

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

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

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

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

<TR style="HEIGHT: 17pt">

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

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

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

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

<TR style="HEIGHT: 17pt">

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

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

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

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

<TR style="HEIGHT: 17pt">

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

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

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

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

<TR style="HEIGHT: 17pt">

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

   <P style="MARGIN: 6pt 0cm 3pt 1cm"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1/1/2012 to 09/30/2012</FONT></P></TD>

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

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

<TR style="HEIGHT: 17pt">

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

   <P style="MARGIN: 6pt 0cm 3pt 1cm"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1/1/2011 to 09/30/2011</FONT></P></TD>

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

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

<TR style="HEIGHT: 17pt">

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

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

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

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

<TR style="HEIGHT: 17pt">

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

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

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

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

<TR style="HEIGHT: 17pt">

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

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

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

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

<TR style="HEIGHT: 17pt">

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

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

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

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

<TR style="HEIGHT: 17pt">

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

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

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

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

<TR style="HEIGHT: 17pt">

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

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

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

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

<TR style="HEIGHT: 17pt">

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

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

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

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

<TR style="HEIGHT: 17pt">

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

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

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

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

<TR style="HEIGHT: 17pt">

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

   <P style="MARGIN: 6pt 0cm 3pt 1cm"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1/1/2012 to 09/30/2012</FONT></P></TD>

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

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

<TR style="HEIGHT: 17pt">

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

   <P style="MARGIN: 6pt 0cm 3pt 1cm"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1/1/2011 to 09/30/2011</FONT></P></TD>

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

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

<TR style="HEIGHT: 17pt">

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

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

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

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

<TR style="HEIGHT: 17pt">

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

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

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

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

<TR style="HEIGHT: 17pt">

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>30</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="88%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>106</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right">PAGE 1of 108</P>

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

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<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

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

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Company Information / Capital Breakdown</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 14.2pt">

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

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>09/30/2012</FONT></B></P></TD>

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

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

<TR style="HEIGHT: 14.2pt">

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

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

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

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

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

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

<TR style="HEIGHT: 14.2pt">

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

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

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

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

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

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

<TR style="HEIGHT: 14.2pt">

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

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

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

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

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

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

<TR style="HEIGHT: 14.2pt">

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

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

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

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

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

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

<TR style="HEIGHT: 14.2pt">

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

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

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

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

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

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

<TR style="HEIGHT: 14.2pt">

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

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

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

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

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

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

<TR style="HEIGHT: 14.2pt">

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

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

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

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

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

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

<TR style="HEIGHT: 14.2pt">

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

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

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

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

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

   <P style="MARGIN: 6pt 0cm 3pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

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

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

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

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

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<P style="TEXT-ALIGN: right">PAGE 2of 108</P>

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

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   <TD width="85%"></TD>

   <TD width="2%"></TD>

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

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="TEXT-INDENT: 0.72pt" width="81%" colSpan=5 align=left><B><FONT size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company Statements / Balance Sheet - Assets</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=left>&nbsp; </TD></TR>

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   <TD style="TEXT-INDENT: 0.72pt" width="62%" colSpan=3 align=left><B><FONT size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=left>&nbsp; </TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp; </TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>YTD Previous Year</FONT></B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="45%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Total assets</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>47,114,738</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>45,582,817</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.01</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Current assets</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7,885,563</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>8,886,953</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.01.01</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,907,275</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,073,244</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.01.03</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Trade receivables</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,972,194</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,516,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.01.04</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,711,359</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,885,617</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.01.08</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other current assets</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>294,735</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>411,292</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Non-current Assets</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>39,229,175</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>36,695,864</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02.01</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Long-term receivables</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4,929,202</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,852,937</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02.01.03</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Trade receivables</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>10,322</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>10,202</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02.01.06</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Deferred taxes</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,020,167</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,300,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02.01.08</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Receivables from related parties</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>455,624</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>125,843</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02.01.09</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other non-current assets</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,443,089</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,416,242</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02.02</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>22,972,075</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>22,573,890</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02.03</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>11,309,014</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>10,247,845</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02.04</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Intangible assets</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>18,884</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>21,192</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right">PAGE 3of 108</P>

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

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

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



<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

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

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE><BR></DIV>

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

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



<TR>

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

   <TD width="2%"></TD>

   <TD width="45%"></TD>

   <TD width="2%"></TD>

   <TD width="17%"></TD>

   <TD width="2%"></TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>YTD Previous Year</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="45%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Total liabilities</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>47.114.738</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>45.582.817</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Current liabilities</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>5.224.530</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.351.509</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.01</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Payroll and related taxes</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>161.053</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>123.839</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.02</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>921.583</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>678.504</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.03</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Taxes payable</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>69.834</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>122.648</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.04</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings and financing</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.183.289</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.330.141</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.05</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.660.151</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.862.247</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.06</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>228.620</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>234.130</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.06.01</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for tax, social security, labor and civil risks</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>220.819</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>225.997</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.06.01.02</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for social security and labor risks</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>148.457</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>160.921</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.06.01.04</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for civil risks</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>72.362</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>65.076</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.06.02</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.801</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>8.133</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.06.02.03</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for environmental liabilities and asset decommissioning</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.801</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>8.133</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Non-current liabilities</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>33.857.477</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>30.245.487</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.01</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings and financing</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>22.244.375</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>19.091.277</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.02</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>9.562.940</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>9.633.194</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.050.162</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.521.016</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04.01</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for tax, social security, labor and civil risks</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>389.000</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>262.432</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04.01.01</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for tax risks</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>339.492</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>216.046</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04.01.02</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for social security and labor risks</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>42.602</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>39.480</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04.01.05</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for environmental risks</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.906</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.906</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04.02</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.661.162</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.258.584</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04.02.03</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for environmental liabilities and asset decommissioning</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>396.575</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>313.094</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04.02.04</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Pension and healthcare plan</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>469.027</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>469.027</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04.02.05</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for losses on investments</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>795.560</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>476.463</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Shareholders&#8217; Equity</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>8.032.731</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.985.821</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.01</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Issued capital</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.540.000</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.680.947</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.02</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Capital reserves</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.04</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Earnings reserves</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.539.075</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.671.620</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.04.01</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Legal reserve</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>336.190</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>336.190</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.04.02</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Statutory reserve</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.426.337</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>5.717.390</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.04.08</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Additional dividends proposed</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>273.492</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.04.10</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Investment reserve</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>776.548</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.344.548</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.05</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Retained earnings/accumulated losses</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1.100.933)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.08</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="45%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other comprehensive income</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>54.559</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="17%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1.366.776)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">PAGE 4of 108</P>

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<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

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

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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

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



<TR>

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

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

   <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></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.599pt" width="100%" colSpan=11 align=left><B><FONT size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company Statements / Statement of Income</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.599pt" width="100%" colSpan=11 align=left><B><FONT size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=11>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accumulated in the</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter of</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accumulated in the</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Year</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Previous Year</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Previous Year</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7/1/2012 to 9/30/2012</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2012 to 9/30/2012</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7/1/2011 to 9/30/2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2011 to 9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.01</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Net revenue from sales and/or services</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,774,202</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7,740,106</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,549,913</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7,940,516</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.02</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Cost of sales and/or services</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2,158,245)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(5,989,770)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,713,932)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(5,302,870)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.03</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Gross profit</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>615,957</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,750,336</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>835,981</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,637,646</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.04</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Operating expenses/income</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>72,933</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,237,082)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,820,890</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,987,930</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.04.01</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Selling expenses</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(86,123)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(233,420)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(67,096)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(245,228)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.04.02</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>General and administrative expenses</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(80,939)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(248,472)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(75,056)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(260,803)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.04.04</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other operating income</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,607</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>72,781</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>11,313</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>142,693</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.04.05</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other operating expenses</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(103,289)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,676,769)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(67,030)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(292,303)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.04.06</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Share of profits (losses) of investees</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>341,677</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>848,798</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,018,759</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,643,571</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.05</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Profit before finance income (costs) and taxes</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>688,890</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>513,254</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,656,871</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>5,625,576</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.06</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Finance income (costs)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(661,975)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2,337,669)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,734,836)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2,738,240)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.06.01</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Finance income</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>31,566</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>154,762</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>98,489</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>206,485</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.06.02</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Finance costs</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(693,541)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2,492,431)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,830,325)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2,944,725)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.06.02.01</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Net exchange gains (losses) on financial instruments</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(31,092)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(387,161)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,188,878)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(726,416)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.06.02.02</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Finance costs</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(662,449)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2,105,270)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(641,447)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2,218,309)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.07</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Profit (loss) before taxes on income</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>26,915</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,824,415)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>922,035</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,887,336</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.08</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Income tax and social contribution</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>142,799</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,072,463</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>196,152</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(13,146)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.09</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Profit (loss) from continuing operations</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>169,714</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(751,952)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,118,187</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,874,190</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.11</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Profit (loss) for the period</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>169,714</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(751,952)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,118,187</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,874,190</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.99</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Earnings per share - (R$/share)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.99.01</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Basic earnings per share</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.99.01.01</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Common shares</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0.11640</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-0.51575</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0.76695</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.97136</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.99.02</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Diluted earnings per share</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="13%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.99.02.01</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="30%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Common shares</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0.11640</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-0.51575</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0.76695</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.97136</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">PAGE 5of 108</P>

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<TR>

   <TD width="85%"></TD>

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

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

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   <TD width="7%" noWrap></TD>

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

   <TD width="32%" noWrap></TD>

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

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

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

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

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

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

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   <TD style="TEXT-INDENT: 0.599pt" width="100%" colSpan=11 noWrap align=left><B><FONT size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company Statements / Statement of Comprehensive Income</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.599pt" width="40%" colSpan=3 noWrap align=left><B><FONT size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B>&nbsp;</TD>

   <TD width="1%" noWrap>&nbsp; </TD>

   <TD width="14%" noWrap align=left>&nbsp; </TD>

   <TD width="1%" noWrap>&nbsp; </TD>

   <TD width="14%" noWrap align=left>&nbsp; </TD>

   <TD width="1%" noWrap>&nbsp; </TD>

   <TD width="14%" noWrap align=left>&nbsp; </TD>

   <TD width="1%" noWrap>&nbsp; </TD>

   <TD width="14%" noWrap align=left>&nbsp; </TD></TR>

<TR>

   <TD width="100%" colSpan=11 noWrap>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="7%" noWrap align=left><FONT size=2>&nbsp; </FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="32%" noWrap align=left><FONT size=2>&nbsp; </FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=left><FONT size=2>&nbsp; </FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accumulated in the</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter of</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accumulated in the</FONT></B><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="7%" noWrap align=left><FONT size=2>&nbsp; </FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="32%" noWrap align=left><FONT size=2>&nbsp; </FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Year</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Previous Year</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Previous Year</FONT></B><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" noWrap align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7/1/2012 to 9/30/2012</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2012 to 9/30/2012</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7/1/2011 to 9/30/2011</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2011 to 9/30/2011</FONT></B><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="7%" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.01</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 2.52pt" width="32%" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Profit (loss) for the period</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>169,714</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(751,952)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,118,187</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,874,190</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="7%" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.02</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 2.52pt" width="32%" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other comprehensive income</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>520,495</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,421,335</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(81,010)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(961,234)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="7%" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.02.01</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 2.52pt" width="32%" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Exchange differences arising on translating foreign operations</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>15,116</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>148,517</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>241,753</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>183,820</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="7%" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.02.03</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 2.52pt" width="32%" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Net change in the fair value on available-for-sale financial assets</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>505,379</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,272,818</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(322,763)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(446,890)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="7%" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.02.04</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 2.52pt" width="32%" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Sale of available-for-sale assets</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(698,164)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="7%" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.03</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 2.52pt" width="32%" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Comprehensive income for the period</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>690,209</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>669,383</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,037,177</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,912,956</FONT><FONT size=2>&nbsp;</FONT></TD></TR></TABLE>

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

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

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

<P style="TEXT-ALIGN: right">PAGE 6of 108</P>

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<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

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

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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



<TR>

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

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

   <TD width="49%"></TD>

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

   <TD width="18%"></TD>

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

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.6pt" width="81%" colSpan=5 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company Statements / Statement of Cash Flows - Indirect Method</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.6pt" width="62%" colSpan=3 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=left>&nbsp; </TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="49%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accumulated in the</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accumulated in the</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="49%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Year</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Previous Year</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.383pt" width="49%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2012 to 9/30/2012</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2011 to 9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Net cash generated by operating activities</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,894,029</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,742,853</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.01</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Cash flows from operating activities</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,827,687</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,523,696</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.01.01</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Profit (loss) for the period</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(751,952)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,874,190</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.01.02</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Accrued charges on borrowings and financing</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,859,042</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,018,743</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.01.03</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation/ depletion / amortization</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>681,805</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>551,807</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.01.04</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Losses on equity interests</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(848,798)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(3,643,571)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.01.05</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax and social contribution</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,072,463)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>13,146</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.01.06</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Allowance for losses on receivables</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(116,335)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.01.07</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provisions for tax, social security, labor and civil risks</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>211,959</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>28,406</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.01.08</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Inflation adjustment and exchange differences, net</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>387,161</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>726,416</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.01.09</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>104,465</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>37,812</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.01.10</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Residual value of long-lived assets writen off</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,617</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>16,745</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.01.14</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Gain on derivative transactions</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7,827</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>16,337</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.01.15</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Impairment of available-for-sale security</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,245,024</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.02</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Changes in assets and liabilities</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>66,342</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(780,843)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.02.01</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Trade receivables &#8211; third parties</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,977</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>15,426</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.02.02</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Related Parties receivables</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,199,120</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(627,425)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.02.03</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>177,714</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(355,494)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.02.04</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Receivables from jointly controlled entities</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>124,943</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,069,881</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.02.05</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Taxes available for offset</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>114,407</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(11,596)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.02.06</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>218,604</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>122,517</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.02.07</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Payroll and related taxes</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,367)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(89,758)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.02.08</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Taxes</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(44,541)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>118,998</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.02.09</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Trade payables - Subsidiaries</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(244)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(5,704)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.02.10</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Tax, social security, labor and civil risks liabilities</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(7,087)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>68,813</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.02.12</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Taxes in installments - REFIS</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(229,846)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(201,678)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.02.13</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Judicial deposits</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(25,894)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(9,804)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.02.14</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Dividends received from subsidiaries</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>28,403</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>416,043</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.02.15</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Interest paid - third parties</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,474,762)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,172,793)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.02.16</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Interest on swap paid</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(8,856)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(16,419)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.01.02.18</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(8,229)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(101,850)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.02</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Net cash used in investing activities</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(13,600)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(3,250,658)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.02.01</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Investments/advances for future capital increase</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(682,127)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,767,752)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.02.02</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,186,681)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,483,936)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.02.03</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Cash from acquisition of subsidiaries</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,030</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.02.04</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Capital reduction in subsidiary</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,855,208</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.03</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Net cash generated by (used in) financing activities</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,046,398)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4,685,078</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.03.01</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings and financing raised - third parties</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,630,092</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6,679,428</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.03.02</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings and financing raised - related parties</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>727,053</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.03.03</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Repayments of principal - third parties</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2,213,319)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(641,881)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.03.04</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Repayments of principal - related parties</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(263,439)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(223,144)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.03.05</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Dividends and interest on capital paid</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,199,732)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,856,378)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.05</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Increase in cash and securities</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>834,031</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,177,273</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.05.01</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents at the beginning of the period</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,073,244</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>108,297</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.05.02</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.399pt" width="49%" align=left><FONT size=2 face=Arial>Cash and cash equivalents (except derivative assets) at the</FONT> <FONT size=2 face=Arial>end of the period </FONT></TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,907,275</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,285,570</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="49%" align=left></TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="18%" align=left>&nbsp; </TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">PAGE 7of 108</P>

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



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_8></A>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE></DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="9%"></TD>
    <TD width="1%"></TD>
    <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></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 0.479pt" width="100%" colSpan=15 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company Statements /
      Statement of Changes in Shareholders&#180; Equity - 1/1/2012 to
      9/30/2012</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 0.479pt" width="40%" colSpan=3 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$
      thousand)</FONT></B>&nbsp;</TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="9%" align=left>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD width="9%" align=left><FONT size=1>&nbsp; </FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="30%" align=left><FONT size=1>&nbsp; </FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=left><FONT size=1>&nbsp; </FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Capital
      reserve,</FONT></B><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=left><FONT size=1>&nbsp; </FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Retained</FONT></B><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other</FONT></B><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=left><FONT size=1>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="9%" align=left><FONT size=1>&nbsp; </FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="30%" align=left><FONT size=1>&nbsp; </FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=left><FONT size=1>&nbsp; </FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>granted options
      and</FONT></B><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=left><FONT size=1>&nbsp; </FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>earnings/accumulat</FONT></B><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>comprehensive</FONT></B><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders&#180;</FONT></B><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B><FONT size=1>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B><FONT size=1>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Paid-in
      capital</FONT></B><FONT size=1>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>treasury
      shares</FONT></B><FONT size=1>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings
      reserve</FONT></B><FONT size=1>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ed losses</FONT></B><FONT size=1>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>income</FONT></B><FONT size=1>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Equity</FONT></B><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.01</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Opening balances</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,680,947</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,671,620</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,366,776)</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,985,821</FONT><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.03</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adjusted opening
      balances</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,680,947</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,671,620</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,366,776)</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,985,821</FONT><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.04</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capital transactions with
      owners</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,859,053</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,132,545)</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(348,981)</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(622,473)</FONT><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.04.01</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capital increases</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,859,053</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,859,053)</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.04.07</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest on Capital</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(348,981)</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(348,981)</FONT><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.04.10</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Approval of prior year&#8217;s proposed
      dividends</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(273,492)</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(273,492)</FONT><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.05</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total comprehensive
      income</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(751,952)</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,421,335</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>669,383</FONT><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.05.01</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loss for the period</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(751,952)</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(751,952)</FONT><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.05.02</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other comprehensive
      income</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,421,335</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,421,335</FONT><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.05.02.04</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Translation adjustments for the
      period</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>148,517</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>148,517</FONT><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.05.02.08</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net change in the fair value on
      available-for-sale financial assets</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,272,818</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,272,818</FONT><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.07</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Closing balances</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,540,000</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,539,075</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,100,933)</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,559</FONT><FONT size=1>&nbsp;</FONT></TD>
    <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,032,731</FONT><FONT size=1>&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right">PAGE 8of 108</P>
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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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



<TR>

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   <TD style="TEXT-INDENT: 0.479pt" width="100%" colSpan=15 align=left><B><FONT size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company Statements / Statement of Changes in Shareholders&#180;Equity -1/1/2011 to 9/30/2011</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.479pt" width="40%" colSpan=3 align=left><B><FONT size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="9%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="9%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="9%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="9%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="9%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="9%" align=left>&nbsp; </TD></TR>

<TR>

   <TD width="100%" colSpan=15>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1>&nbsp; </FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="30%" align=left><FONT size=1>&nbsp; </FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=left><FONT size=1>&nbsp; </FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Capital reserve,</FONT></B><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=left><FONT size=1>&nbsp; </FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Retained</FONT></B><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other</FONT></B><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=left><FONT size=1>&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1>&nbsp; </FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="30%" align=left><FONT size=1>&nbsp; </FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=left><FONT size=1>&nbsp; </FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" noWrap align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>granted options and</FONT></B><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=left><FONT size=1>&nbsp; </FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>earnings/accumulat</FONT></B><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>comprehensive</FONT></B><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders&#180;</FONT></B><FONT size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B><FONT size=1>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B><FONT size=1>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Paid-in capital</FONT></B><FONT size=1>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>treasury shares</FONT></B><FONT size=1>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings reserve</FONT></B><FONT size=1>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ed losses</FONT></B><FONT size=1>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>income</FONT></B><FONT size=1>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Equity</FONT></B><FONT size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.01</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Opening balances</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.680.947</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.119.798</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(168.015)</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.632.760</FONT><FONT size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.03</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adjusted opening balances</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.680.947</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.119.798</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(168.015)</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.632.760</FONT><FONT size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.04</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capital transactions with owners</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.227.703)</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.227.703)</FONT><FONT size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.04.06</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.227.703)</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.227.703)</FONT><FONT size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.05</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total comprehensive income</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.874.190</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(961.234)</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.912.956</FONT><FONT size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.05.01</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Profit for the period</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.874.190</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.847.190</FONT><FONT size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.05.02</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other comprehensive income</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(961.234)</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(961.234)</FONT><FONT size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.05.02.04</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Translation adjustments for the period</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>183.820</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>183.820</FONT><FONT size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.05.02.08</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net change in the fair value on available-for-sale financial assets</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(446.890)</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(446.890)</FONT><FONT size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.05.02.09</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sale of available-for-sale assets</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(698.164)</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(698.164)</FONT><FONT size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.07</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Closing balances</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.680.947</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.892.095</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.874.190</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.129.249)</FONT><FONT size=1>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=1>&nbsp; </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.318.013</FONT><FONT size=1>&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">PAGE 9of 108</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_10></A>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE></DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="10%"></TD>
    <TD width="2%"></TD>
    <TD width="48%"></TD>
    <TD width="2%"></TD>
    <TD width="18%"></TD>
    <TD width="2%"></TD>
    <TD width="18%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 0.599pt" width="100%" colSpan=7 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company Statements /
      Statement of Added Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 0.599pt" width="60%" colSpan=3 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$
      thousand)</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=left>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accumulated in
    the</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accumulated in
    the</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current
    Year</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Previous
    Year</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="48%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2012 to
      9/30/2012</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2011 to
      9/30/2011</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Revenues</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>9,725,057</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>9,946,619</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.01.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Sales of products and
      services</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>9,691,778</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>9,948,005</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.01.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other
    revenues/expenses</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>18,477</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(5,501)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.01.04</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Recognition/reversal of allowance
      for doubtful debts</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>14,802</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4,115</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Inputs purchased from third
      parties</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(7,762,360)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(5,739,436)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.02.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Costs of sales and
    services</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(5,673,306)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(5,169,010)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.02.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Materials, electric. power,
      outside services and other</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(825,246)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(556,486)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.02.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Impairment/recovery of
      assets</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,263,808)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(13,940)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Gross value added</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,962,697</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4,207,183</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.04</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Retentions</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(681,805)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(551,807)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.04.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation, amortization and
      depletion</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(681,805)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(551,807)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.05</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Wealth created</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,280,892</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,655,376</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.06</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Value added received as
      transfer</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,293,184</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,980,789</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.06.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Share of profits of
      investees</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>848,798</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,643,571</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.06.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Finance income/exchange
      gains</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>444,667</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>334,901</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.06.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(281)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,317</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.07</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Wealth for
    distribution</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,574,076</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7,636,165</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Wealth distributed</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,574,076</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7,636,165</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Personnel</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>705,196</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>775,808</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.01.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Salaries and wages</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>533,861</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>610,455</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.01.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Benefits</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>123,909</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>128,738</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.01.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Severance pay fund
    (FGTS)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>47,426</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>36,615</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Taxes and
    contributions</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(164,155)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>912,213</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.02.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Federal</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(302,491)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>718,517</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.02.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>State</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>112,388</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>171,566</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.02.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Municipal</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>25,948</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>22,130</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Lenders and
lessors</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,784,987</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,073,954</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.03.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Interest</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,781,702</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,073,141</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.03.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Leases</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,285</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>813</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.04</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Shareholders</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(751,952)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,874,190</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.04.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Interest on
capital</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>348,981</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.04.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Retained earnings/(accumulated
      losses) for the year</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,100,933)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,874,190</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="MARGIN: 0cm 0cm 0pt 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE></DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="10%"></TD>
    <TD width="2%"></TD>
    <TD width="48%"></TD>
    <TD width="2%"></TD>
    <TD width="18%"></TD>
    <TD width="2%"></TD>
    <TD width="18%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 0.719pt" width="100%" colSpan=7 align=left><B><FONT size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated Company
      Statements / Balance Sheet - Assets</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 0.719pt" width="60%" colSpan=3 align=left><B><FONT size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$
      thousand)</FONT></B></TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=left>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current
    Quarter</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>YTD Previous
    Year</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="48%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Total assets</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>49,365,081</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>46,869,702</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Current assets</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>21,024,857</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>21,944,306</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.01.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash
    equivalents</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>14,553,711</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>15,417,393</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.01.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Trade receivables</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,813,323</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,616,206</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.01.04</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,583,346</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,734,984</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.01.08</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other current
    assets</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,074,477</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,175,723</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Non-current Assets</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>28,340,224</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>24,925,396</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Long-term
    receivables</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>5,434,522</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4,856,721</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02.01.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Short-term investments measured at
      amortized cost</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>119,922</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>139,679</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02.01.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Trade receivables</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>9,186</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>10,043</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02.01.06</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Deferred taxes</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,419,929</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,840,773</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02.01.09</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other non-current
    assets</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,885,485</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,866,226</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,923,283</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,088,225</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Property, plant and
      equipment</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>20,164,127</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>17,377,076</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.02.04</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Intangible assets</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>818,292</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>603,374</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right">PAGE 11of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_12></A>
<P style="MARGIN: 0cm 0cm 0pt 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE></DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="10%"></TD>
    <TD width="2%"></TD>
    <TD width="48%"></TD>
    <TD width="2%"></TD>
    <TD width="18%"></TD>
    <TD width="2%"></TD>
    <TD width="18%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 0.479pt" width="100%" colSpan=7 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated Company
      Statements / Balance Sheet - Liabilities</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 0.479pt" width="60%" colSpan=3 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$
      thousand)</FONT></B></TD>
    <TD width="2%"><FONT size=3>&nbsp; </FONT></TD>
    <TD width="18%" align=left><FONT size=3>&nbsp; </FONT></TD>
    <TD width="2%"><FONT size=3>&nbsp; </FONT></TD>
    <TD width="18%" align=left><FONT size=3>&nbsp; </FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current
    Quarter</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>YTD Previous
    Year</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="48%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Total liabilities</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>49.365.081</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>46.869.702</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Current
liabilities</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>5.633.091</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.496.947</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Payroll and related
    taxes</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>272.449</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>202.469</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.650.324</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.232.075</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Taxes payable</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>288.210</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>325.132</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.04</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings and
    financing</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.989.384</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.702.083</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.05</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.130.676</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.728.445</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.06</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>302.048</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>306.743</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.06.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for tax, social
      security, labor and civil risks</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>289.442</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>292.178</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.06.01.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for tax
    risks</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>220</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.06.01.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for social security and
      labor risks</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>192.964</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>204.615</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.06.01.04</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for civil
    risks</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>96.478</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>87.343</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.06.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>12.606</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>14.565</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.01.06.02.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for environmental
      liabilities and asset decommissioning</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>12.606</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>14.565</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Non-current
    liabilities</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>35.292.945</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>31.955.585</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings and
    financing</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>28.208.397</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>25.186.505</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>5.594.437</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>5.593.520</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Deferred taxes</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>167.115</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>37.851</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.322.996</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.137.709</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for tax, social
      security, labor and civil risks</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>447.401</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>346.285</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04.01.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for tax
    risks</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>365.724</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>244.295</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04.01.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for social security and
      labor risks</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>58.409</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>79.941</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04.01.04</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for civil
    risks</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>16.362</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>15.143</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04.01.05</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for environmental
      risks</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.906</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.906</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>875.595</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>791.424</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04.02.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision for environmental
      liabilities and asset decommissioning</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>406.545</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>322.374</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.02.04.02.04</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Pension and healthcare
    plan</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>469.050</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>469.050</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Shareholders&#180;
    Equity</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>8.439.045</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>8.417.170</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Issued capital</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.540.000</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.680.947</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Capital reserves</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.04</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Earnings reserves</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.539.075</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.671.620</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.04.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Legal reserve</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>336.190</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>336.190</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.04.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Statutory reserve</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.426.337</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>5.717.390</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.04.08</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Additional dividends
      proposed</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>273.492</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.04.11</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Investment reserve</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>776.548</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.344.548</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.05</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Retained earnings/accumulated
      losses</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1.100.933)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.08</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other comprehensive
    income</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>54.559</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1.366.776)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.03.09</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Non-controlling
    interests</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>406.314</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>431.349</FONT>&nbsp;</TD></TR></TABLE></DIV>
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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="TEXT-INDENT: 0.6pt" colSpan=11 noWrap align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated Company Statements / Statement of Income</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.6pt" colSpan=7 noWrap align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B></TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left>&nbsp; </TD>

   <TD noWrap>&nbsp; </TD>

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

<TR>

   <TD colSpan=11 noWrap>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp; </TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left>&nbsp; </TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left>&nbsp; </TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accumulated in the</FONT></B>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter of</FONT></B>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accumulated in the</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp; </TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left>&nbsp; </TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter</FONT></B>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Year</FONT></B>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Previous Year</FONT></B>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Previous Year</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7/1/2012 to 9/30/2012</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2012 to 9/30/2012</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7/1/2011 to 9/30/2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2011 to 9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.01</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Net revenue from sales and/or services</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4,267,174</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>12,299,740</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4,240,694</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>12,352,894</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.02</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Cost of sales and/or services</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(3,103,390)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(8,837,043)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2,522,120)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(7,242,420)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.03</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

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

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,163,784</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,462,697</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,718,574</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>5,110,474</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.04</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

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

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(506,442)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(3,542,566)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(382,785)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(449,328)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.04.01</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

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

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(230,355)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(589,854)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(110,633)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(376,402)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.04.02</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>General and administrative expenses</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(161,145)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(442,993)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(126,486)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(406,464)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.04.04</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

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

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>23,116</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>80,370</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>25,939</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>762,509</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.04.05</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

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

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(137,979)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2,590,010)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(171,605)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(428,971)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.04.06</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Share of profits (losses) of investees</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(79)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(79)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

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

   <TD noWrap>&nbsp; </TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.05</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Profit before finance income (costs) and taxes</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>657,342</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(79,869)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,335,789</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4,661,146</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.06</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Finance income (costs)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(496,677)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,442,776)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(340,500)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,508,600)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.06.01</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

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

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>83,912</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>281,218</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>220,940</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>549,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.06.02</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

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

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(580,589)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,723,994)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(561,440)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2,058,450)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.06.02.01</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Net exchange gains (losses) on financial instruments</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>46,340</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>263,078</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>203,056</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>29,690</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.06.02.02</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

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

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(626,929)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,987,072)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(764,496)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2,088,140)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.07</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Profit (loss) before taxes on income</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>160,665</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,522,645)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>995,289</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,152,546</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.08</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Income tax and social contribution</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,570)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>725,934</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>101,941</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(302,459)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.09</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Profit (loss) from continuing operations</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>159,095</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(796,711)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,097,230</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,850,087</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.11</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Profit (loss) for the period</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>159,095</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(796,711)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,097,230</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,850,087</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.11.01</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Attributed to owners of the Company</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>169,714</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(751,952)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,118,187</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,874,190</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.11.02</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Attributed to non-controlling interests</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(10,619)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(44,759)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(20,957)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(24,103)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.99</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Earnings per share - (R$/share)</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left>&nbsp; </TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left>&nbsp; </TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left>&nbsp; </TD>

   <TD noWrap>&nbsp; </TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.99.01</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Basic earnings per share</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left>&nbsp; </TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left>&nbsp; </TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left>&nbsp; </TD>

   <TD noWrap>&nbsp; </TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.99.01.01</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

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

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0.11640</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-0.51575</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0.76695</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.97136</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.99.02</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Diluted earnings per share</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left>&nbsp; </TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left>&nbsp; </TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=left>&nbsp; </TD>

   <TD noWrap>&nbsp; </TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.99.02.01</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

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

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0.11640</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-0.51575</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0.76695</FONT>&nbsp;</TD>

   <TD noWrap>&nbsp; </TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.97136</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">PAGE 13of 108</P>

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="TEXT-INDENT: 0.599pt" colSpan=11 noWrap align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated Company Statements / Statement of Comprehensive Income</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.599pt" colSpan=3 noWrap align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B><FONT size=3>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=3>&nbsp; </FONT></TD>

   <TD noWrap align=left><FONT size=3>&nbsp; </FONT></TD>

   <TD noWrap><FONT size=3>&nbsp; </FONT></TD>

   <TD noWrap align=left><FONT size=3>&nbsp; </FONT></TD>

   <TD noWrap><FONT size=3>&nbsp; </FONT></TD>

   <TD noWrap align=left><FONT size=3>&nbsp; </FONT></TD>

   <TD noWrap><FONT size=3>&nbsp; </FONT></TD>

   <TD noWrap align=left><FONT size=3>&nbsp; </FONT></TD></TR>

<TR>

   <TD colSpan=11 noWrap>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=left><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=left><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accumulated in the</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter of</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accumulated in the</FONT></B><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=left><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Year</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

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

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7/1/2012 to 9/30/2012</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2012 to 9/30/2012</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7/1/2011 to 9/30/2011</FONT></B><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2011 to 9/30/2011</FONT></B><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.01</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 0pt" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Profit (loss) for the period</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>159,095</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(796,711)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,097,230</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,850,087</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.02</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 0pt" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other comprehensive income</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>520,495</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,421,335</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(81,010)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(961,234)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.02.01</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 0pt" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Exchange differences arising on translating foreign operations</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>15,116</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>148,517</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>241,753</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>183,820</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.02.03</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 0pt" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Net change in the fair value on available-for-sale financial assets</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>505,379</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,272,818</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(322,763)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(446,890)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.02.04</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 0pt" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Sale of available-for-sale assets</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

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

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

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

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

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

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(698,164)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.03</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 0pt" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Comprehensive income for the period</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>679,590</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>624,624</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,016,220</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,888,853</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.03.01</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 0pt" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Owners of the Company</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>690,209</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>669,383</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,037,177</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,912,956</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.03.02</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 0pt" noWrap align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Non-controlling interests</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(10,619)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(44,759)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(20,957)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap><FONT size=2>&nbsp; </FONT></TD>

   <TD noWrap align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(24,103)</FONT><FONT size=2>&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right">PAGE 14of 108</P>

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



<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

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

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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

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



<TR>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="48%"></TD>

   <TD width="2%"></TD>

   <TD width="18%"></TD>

   <TD width="2%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD width="80%" colSpan=5 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated Company Statements / Statement of Cash Flows - Indirect Method</FONT></B><FONT size=3>&nbsp;</FONT></TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="18%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.479pt" width="60%" colSpan=3 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B><FONT size=3>&nbsp;</FONT></TD>

   <TD width="2%"><FONT size=3>&nbsp; </FONT></TD>

   <TD width="18%" align=left><FONT size=3>&nbsp; </FONT></TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="18%" align=left>&nbsp; </TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Accumulated in the</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Accumulated in the</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Current Year</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Previous Year</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="48%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Description</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1/1/2012 to 9/30/2012</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1/1/2011 to 9/30/2011</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Net cash generated by operating activities</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,480,859</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">3,046,346</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Cash flows from operating activities</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,989,023</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">4,955,609</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.01.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Profit (loss) for the period</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(796,711)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,850,087</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.01.02</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Accrued charges on borrowings and financing</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,727,480</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,869,794</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.01.03</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Depreciation/ depletion / amortization</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">890,024</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">692,914</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.01.05</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Deferred income tax and social contribution</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(926,424)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">171,180</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.01.07</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Provisions for tax, social security, labor and civil risks</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">191,268</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">20,303</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.01.08</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Inflation adjustment and exchange differences, net</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(253,139)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(145,703)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.01.09</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Residual value of long-lived assets written off</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">9,529</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">42,746</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.01.12</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Realization of available-for-sale security</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(698,164)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.01.13</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Gains (loses) on derivative transactions</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(2,112)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">132,350</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.01.14</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Impairment of available-for-sale security</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,022,793</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.01.15</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Gains (losses) on equity interests</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">79</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.01.16</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Other provisions</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">126,236</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">20,102</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.02</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Changes in assets and liabilities</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,508,164)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,909,263)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.02.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Trade receivables</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(24,929)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(150,639)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.02.02</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Inventories</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">251,413</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(670,617)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.02.03</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Taxes available for offset</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">209,230</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">19,726</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.02.04</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Trade payables</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">261,674</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">184,665</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.02.05</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Payroll and related taxes</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">25,468</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(76,906)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.02.06</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Taxes</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(60,658)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">167,217</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.02.07</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Tax, social security, labor and civil risks liabilities</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(4,194)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">111,113</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.02.08</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Receivables from jointly controlled entities</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(116,919)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">561,831</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.02.10</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Taxes in installments - REFIS</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(230,206)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(202,537)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.02.11</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Judicial deposits</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(16,091)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(10,557)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.02.12</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Interest paid</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,735,269)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,446,509)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.02.13</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Interest on swap paid</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(36,582)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(285,558)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.01.02.15</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Other</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(31,101)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(110,492)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.02</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Net cash used in investing activities</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(2,754,142)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(3,716,916)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.02.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Receipt/payment in derivative transactions</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">54,813</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(120,524)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.02.02</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Investments/advances for future capital increase</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(166,915)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,823,333)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.02.03</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Property, plant and equipment</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(2,355,702)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(3,082,783)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.02.04</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Intangible assets</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(673)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(447)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.02.05</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Cash from acquisition of subsidiaries</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">14,880</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.02.06</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Payables to subsidiary</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,310,171</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.02.07</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Acquisition of subsidiaries</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(300,545)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.03</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Net cash generated by (used in) financing activities</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(614,205)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">4,752,309</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.03.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Borrowings and financing raised</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">3,677,142</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">7,395,228</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.03.02</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Repayments of principal</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(2,340,872)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,028,831)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.03.03</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Repayments of principal - acquisition of subsidiaries</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(806,937)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.03.04</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Dividends and interest on capital paid</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,199,732)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,856,378)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.03.05</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Capital contribution by non-controlling shareholders</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">56,194</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">242,290</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.04</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Changes in cash and cash equivalents</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,023,806</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,314,147</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.05</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Increase (decrease) in cash and securities</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(863,682)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">5,395,886</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.05.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Cash and cash equivalents at the beginning of the period</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">15,417,393</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">10,239,278</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6.05.02</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="48%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Cash and cash equivalents (except derivative assets) at the end of the period</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">14,553,711</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">15,635,164</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="TEXT-INDENT: 0.479pt" width="99%" colSpan=19 noWrap align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated Company Statements / Statement of Changes in Shareholders&#180; Equity - 1/1/2012 to 9/30/2012</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 0.479pt" width="29%" colSpan=3 noWrap align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap>&nbsp; </TD>

   <TD width="6%" noWrap align=left>&nbsp; </TD>

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   <TD width="7%" noWrap align=left>&nbsp; </TD>

   <TD width="2%" noWrap>&nbsp; </TD>

   <TD width="7%" noWrap align=left>&nbsp; </TD>

   <TD width="2%" noWrap>&nbsp; </TD>

   <TD width="5%" noWrap align=left>&nbsp; </TD>

   <TD width="2%" noWrap>&nbsp; </TD>

   <TD width="5%" noWrap align=left>&nbsp; </TD></TR>

<TR>

   <TD width="99%" colSpan=19 noWrap>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="23%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="6%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Capital reserve,</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Retained</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="23%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="6%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">granted optionsand</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Earnings </FONT></B></TD>

   <TD width="2%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="8%" noWrap align=right><STRONG><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">earnings/accumulated</FONT></STRONG></TD>

   <TD width="2%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="7%" noWrap align=right><STRONG><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Other comprehensive</FONT></STRONG></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Shareholders&#180; </FONT></B></TD>

   <TD width="2%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="5%" noWrap align=right><STRONG><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Non-controlling</FONT></STRONG></TD>

   <TD width="2%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="5%" noWrap align=right><STRONG><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Shareholders&#180;</FONT></STRONG></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Code</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="23%" noWrap align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Description</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Paid-in capital</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">income</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Equity</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" noWrap align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Equity</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">5.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="23%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Opening balances</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="6%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,680,947</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">30</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">7,671,620</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,366,776)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">431,349</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">8,417,170</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">5.03</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="23%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Adjusted opening balances</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="6%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,680,947</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">30</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">7,671,620</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,366,776)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">431,349</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">8,417,170</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">5.04</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="23%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Capital transactions with owners</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="6%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,859,053</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(3,132,545)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(348,981)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(622,473)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(622,473)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">5.04.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="23%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Capital increases</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="6%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,859,053</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(2,859,053)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">5.04.07</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="23%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Interest on Capital</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="6%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(348,981)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(348,981)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(348,981)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">5.04.10</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="23%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Approval of prior year&#8217;s proposed dividends</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="6%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(273,492)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(273,492)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(273,492)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">5.05</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="23%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Total comprehensive income</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="6%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(751,952)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,421,335</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">669,383</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(44,759)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">624,624</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">5.05.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="23%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Loss for the period</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="6%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(751,952)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(751,952)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(44,759)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(796,711)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">5.05.02</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="23%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Other comprehensive income</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="6%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,421,335</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,421,335</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,421,335</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">5.05.02.04</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="23%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Translation adjustments for the period</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="6%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">148,517</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">148,517</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">148,517</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">5.05.02.08</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="23%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Net change in the fair value on available-for-sale financial assets</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="6%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,272,818</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,272,818</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,272,818</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">5.06</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="23%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Internal changes in Shareholders&#180; Equity</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="6%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">19,724</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">19,724</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">5.06.04</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="23%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Non-controlling interests in subsidiaries</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="6%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

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

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">19,724</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">19,724</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">5.07</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="23%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Closing balances</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="6%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">4,540,000</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">30</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">4,539,075</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,100,933)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">54,559</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="7%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">8,032,731</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">406,314</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="2%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">8,439,045</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_17></A>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE></DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="24%"></TD>
    <TD width="2%"></TD>
    <TD width="6%"></TD>
    <TD width="3%"></TD>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="9%"></TD>
    <TD width="2%"></TD>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 0.479pt" width="100%" colSpan=19 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated Company
      Statements /Statement of Changes in Shareholders&#180;Equity -1/1/2011 to
      9/30/2011</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 0.479pt" width="30%" colSpan=3 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$
      thousand)</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="3%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="6%" align=left>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="24%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" noWrap align=left><FONT style="FONT-SIZE: 8pt">&nbsp;
      </FONT></TD>
    <TD width="3%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" noWrap align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Capital
      reserve,</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="9%" noWrap align=left><FONT style="FONT-SIZE: 8pt">&nbsp;
      </FONT></TD>
    <TD width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" noWrap align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Retained</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="3%" noWrap align=left><FONT style="FONT-SIZE: 8pt">&nbsp;
      </FONT></TD>
    <TD width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" noWrap align=left><FONT style="FONT-SIZE: 8pt">&nbsp;
      </FONT></TD>
    <TD width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="5%" noWrap align=left><FONT style="FONT-SIZE: 8pt">&nbsp;
      </FONT></TD>
    <TD width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" noWrap align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="24%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" noWrap align=left><FONT style="FONT-SIZE: 8pt">&nbsp;
      </FONT></TD>
    <TD width="3%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" noWrap align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>granted
    optionsand</FONT></B></TD>
    <TD width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="9%" noWrap align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings </FONT></B></TD>
    <TD width="2%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="8%" noWrap align=right><STRONG><FONT style="FONT-SIZE: 8pt" face=Arial>earnings/accumulated</FONT></STRONG></TD>
    <TD width="2%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="3%" noWrap align=right><STRONG><FONT style="FONT-SIZE: 8pt" face=Arial>Other comprehensive</FONT></STRONG></TD>
    <TD width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" noWrap align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders&#180; </FONT></B></TD>
    <TD width="2%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="5%" noWrap align=right><STRONG><FONT style="FONT-SIZE: 8pt" face=Arial>Non-controlling</FONT></STRONG></TD>
    <TD width="2%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="6%" noWrap align=right><STRONG><FONT style="FONT-SIZE: 8pt" face=Arial>Shareholders&#180;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" align=left><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Paid-in
      capital</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>treasury
      shares</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>reserve</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>losses</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" noWrap align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>income</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Equity</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" noWrap align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>interests</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Equity</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>5.01</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="24%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>Opening balances</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>1,680,947</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="3%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>30</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>6,119,798</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="3%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(168,015)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>7,632,760</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="5%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>189,928</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>7,822,688</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>5.03</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="24%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>Adjusted opening
      balances</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>1,680,947</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="3%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>30</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>6,119,798</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="3%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(168,015)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>7,632,760</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="5%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>189,928</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>7,822,688</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>5.04</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="24%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>Capital transactions with
      owners</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="3%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(1,227,703)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="3%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(1,227,703)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="5%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(1,227,703)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>5.04.06</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="24%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>Dividends</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="3%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(1,227,703)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="3%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(1,227,703)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="5%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(1,227,703)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>5.05</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="24%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>Total comprehensive
      income</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="3%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>2,874,190</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="3%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(961,234)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>1,912,956</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="5%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(24,103)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>1,888,853</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>5.05.01</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="24%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>Profit for the period</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="3%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>2,874,190</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="3%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>2,874,190</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="5%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(24,103)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>2,850,087</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>5.05.02</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="24%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>Other comprehensive
      income</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="3%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="3%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(961,234)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(961,234)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="5%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(961,234)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>5.05.02.04</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="24%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>Translation adjustments for the
      period</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="3%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="3%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>183,820</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>183,820</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="5%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>183,820</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" noWrap align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>5.05.02.08</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="24%" noWrap align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>Net change in the fair value on
      available-for-sale financial assets</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="3%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="3%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(446,890)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(446,890)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="5%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(446,890)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>5.05.02.09</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="24%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>Sale of available-for-sale
      assets</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="3%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="3%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(698,164)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(698,164)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="5%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(698,164)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>5.06</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="24%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>Internal changes in Shareholders&#180;
      Equity</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="3%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="3%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="5%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>288,304</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>288,304</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>5.06.04</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="24%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>Non-controlling interests in
      subsidiaries</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="3%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="3%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="5%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>288,304</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>288,304</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>5.07</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="24%" align=left><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>Closing balances</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>1,680,947</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="3%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>30</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>4,892,095</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>2,874,190</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="3%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>(1,129,249)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>8,318,013</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="5%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>454,129</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="6%" align=right><FONT style="FONT-SIZE: 8pt" face=ArialMT,Arial,Helvetica,sans-serif>8,772,142</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: right">PAGE 17of 108</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_18></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="10%"></TD>
    <TD width="2%"></TD>
    <TD width="48%"></TD>
    <TD width="2%"></TD>
    <TD width="18%"></TD>
    <TD width="2%"></TD>
    <TD width="18%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 0.719pt" width="80%" colSpan=5 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated Company
      Statements / Statement of Added Value</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=left>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 0.719pt" width="60%" colSpan=3 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$
      thousand)</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=left>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accumulated in
    the</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accumulated in
    the</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current
    Year</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Previous
    Year</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="48%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2012 to
      9/30/2012</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2011 to
      9/30/2011</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Revenues</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>14.535.358</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>15.311.531</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.01.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Sales of products and
      services</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>14.498.769</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>14.637.332</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.01.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other
    revenues/expenses</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>21.645</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>671.663</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.01.04</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Recognition/reversal of allowance
      for doubtful debts</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>14.944</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.536</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Inputs purchased from third
      parties</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(10.886.282)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(7.342.764)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.02.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Costs of sales and
    services</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(7.353.831)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(6.390.140)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.02.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Materials, electric. power,
      outside services and other</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1.479.940)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(936.314)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.02.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Impairment/recovery of
      assets</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2.052.511)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(16.310)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Gross value added</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.649.076</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.968.767</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.04</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Retentions</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(890.024)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(692.914)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.04.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation, amortization and
      depletion</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(890.024)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(692.914)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.05</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Wealth created</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.759.052</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.275.853</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.06</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Value added received as
      transfer</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.323.273</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.295.230</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.06.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Share of profits (losses) of
      investees</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(79)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.06.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Finance income/exchange
      gains</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.318.429</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.285.949</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.06.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.923</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>9.281</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.07</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Wealth for
    distribution</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.082.325</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>9.571.083</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Wealth distributed</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.082.325</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>9.571.083</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Personnel</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.312.877</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.220.891</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.01.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Salaries and wages</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>997.559</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>964.442</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.01.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Benefits</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>239.782</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>195.667</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.01.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Severance pay fund
    (FGTS)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>75.536</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>60.782</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Taxes and
    contributions</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>797.697</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.700.628</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.02.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Federal</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>410.572</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.291.797</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.02.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>State</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>368.011</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>379.630</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.02.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Municipal</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>19.114</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>29.201</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Lenders and
lessors</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.768.462</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.799.477</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.03.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Interest</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.760.572</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.794.546</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.03.02</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Leases</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.890</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4.931</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.04</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Shareholders</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(796.711)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.850.087</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.04.01</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Interest on
capital</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>348.981</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.04.03</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Retained earnings/(accumulated
      losses) for the year</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1.100.933)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.874.190</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.08.04.04</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="48%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Non-controlling
    interests</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(44.759)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="18%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(24.103)</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: right">PAGE 18of 108</P>
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<TR>

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The global economy is still marked by a climate of uncertainty and growth prospects remain low. In the Eurozone, besides political issues, doubts concerning the solidity of the banking system in certain member countries remain. In the United States, the economic recovery remained sluggish, influenced by the political risk of a fiscal squeeze and the reduced momentum of the job market. The outlook for the emerging countries in Asia and Latin America is one of moderate growth, influenced by the weak performance of the mature economies. In this context, the International Monetary Fund (IMF) revised its 2012 global growth estimate down from 3.5% in July to 3.3% in October.</FONT></P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In a fragile global environment, the U.S. economy has still been posting a modest recovery, with growth of 2.0% in 3Q12, chiefly due to increased personal consumption expenses, federal government expenditures and residential investments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Despite the 0.4% increase in industrial production in September, the latest FED figures indicate a 0.4% reduction in 3Q12. The manufacturing Purchasing Managers Index (PMI), climbed from 49.6 points in August to 51.5 points in September, the first upturn after three consecutive months of decline.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The FED&#8217;s Beige Book for September showed that economic activity was still recording moderate growth.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The FED once again reduced its annual GDP forecasts in September. It now expects growth of between 1.7% and 2.0%, versus the 1.9% to 2.4% estimated in July. It also expects annual inflation of between 1.7% and 1.8% and unemployment of between 8.0% and 8.2%.</FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to Eurostat, Eurozone GDP decreased by 0.2% in 2Q12 over the previous quarter, impacted by increasing financial pressures in the region&#8217;s peripheral countries. The main peripheral economies are in recession, affecting other European economies due to their strong financial and trade links. The European Central Bank expects Eurozone GDP to shrink by between 0.6% and 0.2% in 2012.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In the UK, preliminary figures are pointing to a GDP upturn of 1% in 3Q12. This positive result was due to the Olympic Games held in August and is the strongest growth recorded in the last 5 years. For 2012, the Bank of England expects annual GDP to remain flat over the year before.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In an attempt to mitigate the scenario, at the beginning of October the Eurozone Finance Ministers launched a new &#8364;500 billion rescue fund, called the European Stability Mechanism (ESM), which will allow banks to be recapitalized directly. &nbsp;However, the resistance of some member countries to partially give up their sovereignty hampers the creation of a fiscal and banking union.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Eurozone manufacturing PMI reached 46.1 points in September, its highest level for six months. The only two countries to record an upturn were Ireland and the Netherlands, with 51.8 and 50.8 points, respectively. France&#8217;s slide to 42.7 points was one of the most accentuated in its history.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In August, Eurozone unemployment averaged 11.4%, in line with July&#8217;s figure, equivalent to 18.2 million people out of work. Germany, with 5.5%, had one of the lowest rates, while Spain and Greece had the highest </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8211;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> 25.1% and 24.4%, respectively. Annualized inflation reached 2.6% in September, stable when compared to August.</FONT></P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Chinese economy has continued to grow, despite the slightly reduced pace. GDP increased by 7.4% in 3Q12, below the 7.6% recorded in 2Q12, marking the seventh consecutive slowdown. The more modest GDP growth this year is primarily due to the reduced pace of exports and investments. </FONT>

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<P style="TEXT-ALIGN: right">PAGE 19of 108</P>

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Chinese Central Bank estimates a 7.5% GDP growth for 2012, with a recovery in the final quarter of the year.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Chinese manufacturing PMI reached 47.9 points in September, a slight improvement over the 47.6 points registered in August, while year-to-date industrial output recorded growth of 10% over 9M11 and retail sales moved up by 14% in the same period. Inflation between January and September averaged 2.8%.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In Japan, GDP posted annualized growth 0.7% in 2Q12 when compared to the same period in the previous year, while in 1Q12 an annualized growth of 5.3% was registered in relation to 1Q11. This slowdown reflects the end of post-earthquake reconstruction. For 2012 as a whole, the Japanese Center for Economic Research expects growth of 2.0%.</FONT></P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The recovery in domestic economic activity has been gradual, but the tendency is for the pace to pick up in the second half, continuing in 2013. Domestic demand has been positively impacted by the government&#8217;s monetary policy initiatives and stimulus measures. These effects, together with the public service concession programs and the gradual recovery in confidence, have led to healthy investment prospects.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to the IBGE (Brazilian Institute of Geography and Statistics), GDP moved up by 0.6% in 1H12 over the first half of 2011. The Central Bank&#8217;s latest FOCUS report points to a GDP growth of 1.5% in 2012, below the 3.3% expected at the beginning of the year. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In August, industrial output increased by 1.5% over July, leading to an year-to-date fall of 3.4%, which reflected the negative results at the beginning of 2012. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Inflation measured by the IPCA consumer price index inched up by 0.57% in September, resulting in a rate of 3.77% in the first nine months of 2012. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Monetary Policy Committee (COPOM) promoted the tenth successive reduction in the Selic base rate, which reached 7.25% in October, having begun the year at 11.00%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In the first nine months of 2012, the real depreciated by 8.3% over the U.S. dollar, reaching an exchange rate of R$2.03/US$ on September 28, while foreign reserves closed the third quarter at US$379 billion.</FONT></P>

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

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

<DIV align=center>

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<TR style="HEIGHT: 14pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="51%">

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 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; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 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>

<TR style="HEIGHT: 12.3pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.3pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="51%">

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.3pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt" lang=EN-US>5.45</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.3pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt" lang=EN-US>5.40</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="51%">

   <P style="MARGIN: 0cm 0cm 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>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt" lang=EN-US>2.01</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt" lang=EN-US>2.01</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="51%">

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="25%">

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt" lang=EN-US>7.75</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="51%">

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt" lang=EN-US>1.54</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="24%">

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

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="51%">

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt" lang=EN-US>-2.10</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt" lang=EN-US>4.15</FONT></FONT></P></TD></TR>

<TR height=20>

   <TD width="51%" align=center>

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

   <TD width="49%" colSpan=2 align=center>

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

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt" lang=EN-US>Base: October 26, 2012</FONT></FONT></P></TD></TR></TABLE><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">CSN recorded consolidated net revenue of R$4,267 million in 3Q12, 3% up on 2Q12, while net revenue from domestic sales increased by 14%. This improvement was chiefly due to higher steel product sales volume, particularly in the local market, partially offset by the reduction in iron ore prices. </FONT></P>

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

<P style="TEXT-ALIGN: right">PAGE 20of 108</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_21></A>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif">Cost of goods sold (COGS) </FONT></B></H3></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 3Q12,
consolidated COGS reached R$3,103 million, 4% up on the previous quarter,
chiefly due to higher steel sales. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT size=2 face="Trebuchet MS"></FONT>&nbsp;</P>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif">Selling, General, Administrative and Other
Operating Expenses</FONT></B></H3></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">SG&amp;A
expenses totaled R$391 million in 3Q12, 20% more than in 2Q12. This increase is
chiefly due to retroactive reclassifications in SWT, from COGS to Selling,
General and Administrative Expenses. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The &#8220;Other
Operating Expenses&#8221; line was negative by R$115 million in 3Q12, versus a
negative R$2,283 million in 2Q12, essentially due to the reclassification of
CSN&#8217;s accumulated losses from its investments in Usiminas&#8217; common and preferred
shares, which were previously booked under other comprehensive income line in
Shareholders&#8217; Equity to the income statement in 2Q12.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT size=2 face="Trebuchet MS"></FONT>&nbsp;</P>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; MARGIN-LEFT: 0cm; BORDER-TOP: medium none; MARGIN-RIGHT: 2.85pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif">EBITDA </FONT></B></H3></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD vAlign=top width="70%">
      <P><FONT size=2>Adjusted EBITDA comprises net income before the financial
      result, income and social contribution taxes, depreciation and
      amortization and other operating revenue (expenses), the latter item being
      excluded due to its non-recurring nature.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 219.65pt 0pt 0cm"><FONT style="FONT-SIZE: 9.5pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif"></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Adjusted
      EBITDA totaled R$1,076 million in 3Q12, 4% down on the R$1,120 million
      recorded in 2Q12, basically due to lower iron ore prices, partially offset
      by higher steel sales. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Adjusted
      EBITDA margin came to 25%, 2 p.p. less than in 2Q12. </FONT></P></TD>
    <TD vAlign=top width="10%">
      <P><FONT size=2></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="20%">
      <P><IMG border=0 src="fp20.gif"></P></TD></TR></TABLE></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif">Financial Result and Net Debt
</FONT></B></H3></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The 3Q12 net
financial result was negative by R$497 million, chiefly due to the following
factors:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Interest on
loans and financing totaling R$551 million;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Expenses of
R$33 million with the monetary restatement of tax payment
installments;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Other
financial expenses of R$11 million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">These negative
effects were partially offset by:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Returns on
financial investments of R$52 million;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Monetary and
exchange variations totaling R$46 million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 3pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">On September
30, 2012, consolidated net debt stood at R$15.6 billion, stable in relation to
the figure of June 30, 2012. It is worth mentioning certain factors that offset
one another:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Investments of
R$0.8 billion in fixed assets;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">A R$0.5
billion effect from disbursements related to debt charges.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">These effects
were offset by adjusted EBITDA of R$1.1 billion, a R$0.1 billion reduction in
working capital and other accumulated effects totaling R$0.1 billion.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The net
debt/EBITDA ratio closed the third quarter at 3.28x, based on LTM adjusted
EBITDA.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">It is worth
noting that in September the Company issued non-convertible debentures in the
amount of R$1,565 million, maturing in 2015. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 21of 108</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_22></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><IMG border=0 src="fp21.gif"></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif">Consolidated Net Income</FONT></B></H3></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">CSN posted consolidated net income of R$159
million in 3Q12, versus a net loss of R$1.0 billion in 2Q12, when the accounting
reclassification described under &#8220;Other Operating Expenses&#8221; occurred.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 6pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif">Capex</FONT></B></H3></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">CSN invested R$892 million in 3Q12, R$517 million
of which in the parent company, allocated as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Expansion of the Casa de Pedra mine and Itagua&#237;
Port: R$136 million;</FONT></P>
<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Construction of the long steel plant: R$144
million;</FONT></P>
<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Expansion of the clinker plant: R$42
million;</FONT></P>
<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Current investments: R$61 million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 4pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">The remaining R$375 million went to subsidiaries
or joint subsidiaries, mostly in the following projects:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Transnordestina Log&#237;stica: R$229
million;</FONT></P>
<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">MRS Log&#237;stica: R$80 million;</FONT></P>
<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Namisa: R$29 million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; MARGIN-LEFT: 0cm; BORDER-TOP: medium none; MARGIN-RIGHT: 2.85pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif">Working Capital</FONT></B></H3></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Working capital closed 3Q12 at R$2,170 million,
R$131 million down on the end of 2Q12, chiefly reflecting the Company's improved
management of inventories. Compared to the close of 2Q12, the average inventory
turnover period was reduced in six days, the average receivables period was
narrowed in one day and the average supplier payment period moved down by two
days, improving the cash conversion cycle by five days.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 22of 108</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_23></A>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=center>&nbsp;</P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE></DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="46%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#003366 vAlign=middle rowSpan=2 width="46%" align=left><FONT color=#ffffff><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">WORKING
      CAPITAL (R$ MM)</FONT></B></FONT></TD>
    <TD bgColor=#003366 vAlign=middle rowSpan=2 width="18%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">2Q12</FONT></B></FONT></TD>
    <TD bgColor=#003366 vAlign=middle rowSpan=2 width="16%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">3Q12</FONT></B></FONT></TD>
    <TD bgColor=#003366 vAlign=middle width="20%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Change</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#003366 vAlign=middle width="20%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">3Q12 x
      2Q12</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="46%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Assets</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="18%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">4,372</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="16%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">4,268</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="20%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">(104)</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle width="46%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Accounts
      Receivable</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="18%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">1,657</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="16%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">1,636</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="20%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">(21)</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle width="46%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Inventory
      </FONT></B></FONT><FONT size=+0><SUP><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">(*)</FONT></B></SUP><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="18%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">2,648</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="16%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">2,509</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="20%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">(139)</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="46%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Advances to Taxes</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="18%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">67</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="16%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">123</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" vAlign=middle width="20%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">56</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="46%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Liabilities</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="18%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">2,071</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="16%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">2,098</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" vAlign=middle width="20%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">27</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle width="46%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Suppliers</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="18%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">1,517</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="16%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">1,475</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="20%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">(42)</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle width="46%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Salaries and Social
      Contribution</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="18%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">231</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="16%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">272</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="TEXT-INDENT: 5px" vAlign=middle width="20%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">41</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle width="46%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Taxes
      Payable</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="18%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">294</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="16%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">289</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="20%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">(5)</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="46%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Advances from Clients</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="18%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">29</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="16%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">62</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" vAlign=middle width="20%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">33</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="46%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Working Capital</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="18%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">2,301</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="16%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">2,170</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="20%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">(131)</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=middle width="100%" colSpan=4><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#003366 vAlign=middle rowSpan=2 width="46%" align=left><FONT color=#ffffff><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">TURNOVER
      RATIO</FONT></B></FONT><BR><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" color=#ffffff face="trebuchet ms">Average Periods</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD bgColor=#003366 vAlign=middle rowSpan=2 width="18%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" color=#ffffff face="trebuchet ms">2Q12</FONT></B></FONT></TD>
    <TD bgColor=#003366 vAlign=middle rowSpan=2 width="16%" align=center><FONT size=+0><FONT color=#ffffff><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">3Q12</FONT></B></FONT></FONT></TD>
    <TD bgColor=#003366 vAlign=middle width="20%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Change</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#003366 vAlign=middle width="20%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">3Q12 x
      2Q12</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle width="46%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Receivables</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="18%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">31</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="16%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">30</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="20%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">(1)</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle width="46%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Supplier
      Payment</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="18%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">48</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="16%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">46</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="20%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">(2)</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="46%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Inventory Turnover</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="18%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">84</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="16%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">78</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="20%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">(6)</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="46%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Cash Conversion Cycle</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="18%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">67</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="16%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">62</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="20%" align=center><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">(5)</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=4 align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">(*) Inventory - includes
      "Advances to Suppliers" and does not include
      "Supplies".</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0pt 0pt 0cm; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0pt 0pt 0cm; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif">Results by Segment</FONT></B></H3></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">The Company
maintains integrated operations in five business segments: steel, mining,
logistics, cement and energy.&nbsp; The main assets and/or companies comprising
each segment are presented below: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="20%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 5px solid; BORDER-RIGHT: #ffffff 5px solid" bgColor=#000080 width="20%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Steel</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 5px solid; TEXT-INDENT: 9px; BORDER-RIGHT: #ffffff 5px solid" bgColor=#000080 width="19%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Mining</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 5px solid; TEXT-INDENT: 7px; BORDER-RIGHT: #ffffff 5px solid" bgColor=#000080 width="23%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Logistics</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 5px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #ffffff 5px solid" bgColor=#000080 width="20%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Cement</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 5px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #ffffff 5px solid" bgColor=#000080 width="18%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Energy</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Pres. Vargas Steel Mill</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="19%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Casa de Pedra</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="23%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Railways:</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Volta Redonda</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="18%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">CSN Energia</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Porto Real</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="19%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Namisa (60%)</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="23%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">- MRS</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Arcos</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="18%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Itasa</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Paran&#225;</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="19%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Tecar</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="23%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">- Transnordestina</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="18%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">LLC</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="19%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">ERSA</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="23%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Port:</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="18%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Lusosider</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="19%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="23%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">- Sepetiba Tecon</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="18%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Prada (Distribution and</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="19%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="23%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="18%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Packaging)</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="19%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="23%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="18%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">Metalic</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="19%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="23%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="18%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">SWT</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="19%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="23%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 width="18%" align=left><FONT size=+0><FONT style="FONT-SIZE: 10pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">The
information on CSN&#8217;s five business segments is derived from the accounting data,
together with allocations and the apportionment of costs among the segments.
CSN&#8217;s management uses adjusted EBITDA as an indicator to measure recurring net
operating cash flow.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">The charts
below show the various segments&#8217; contribution to CSN&#8217;s overall net revenue and
adjusted EBITDA:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net revenue by
segment (R$ million)</FONT></U></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> &nbsp;</FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=left><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

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   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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

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   <TD width="9%">&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 11px; BORDER-RIGHT: #ffffff 3px solid" vAlign=middle width="24%" align=center><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">R$ million</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" vAlign=middle width="9%" align=center><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" vAlign=middle width="10%" align=center><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" vAlign=middle width="10%" align=center><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" vAlign=middle width="9%" align=center><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" vAlign=middle width="10%" align=center><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" vAlign=middle width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">3Q12</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="24%" align=left><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Consolidated Results</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="10%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Steel</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="9%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Mining</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="10%" align=center><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Logistics</FONT></B></FONT> <FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms"><BR></FONT><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(Port)</FONT></B></FONT> </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="10%" align=center><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Logistics</FONT></B></FONT> <FONT><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms"><BR>(Railways)</FONT></B></FONT> </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="9%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Energy</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="10%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Eliminations/</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;<BR></FONT><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Corporate</FONT></B></FONT> </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="10%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Consolidated</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="24%" align=left><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Net Revenue</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">2,917</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">937</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">41</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">284</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">56</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">109</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(77)</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">4,267</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

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   <TD style="TEXT-INDENT: 8px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="24%" align=left><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Domestic Market</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">2,338</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">142</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">41</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">284</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">56</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">109</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(125)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">2,845</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

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   <TD style="TEXT-INDENT: 8px; BORDER-RIGHT: #ffffff 3px solid" width="24%" align=left><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Foreign Market</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">579</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">795</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">-</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">-</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

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

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

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">48</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">1,422</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="24%" align=left><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Cost of Goods Sold</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(2,323)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(571)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(21)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(183)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(40)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

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

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">110</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(3,103)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="24%" align=left><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Gross Profit</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">594</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">366</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">20</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">101</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">16</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

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

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">34</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">1,164</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="24%" align=left><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Selling, General and Administrative</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(216)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(16)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 7px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(5)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(25)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(5)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(16)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(108)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(392)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="24%" align=left><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Depreciation</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">189</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">48</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">2</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">35</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">4</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">19</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">304</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="24%" align=left><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Adjusted EBITDA</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">567</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="9%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">398</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">17</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">111</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="9%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">14</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">24</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(55)</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">1,076</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="24%" align=left><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Adjusted EBITDA Margin</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">19%</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">42%</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">40%</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">39%</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">26%</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">22%</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">25%</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=9><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 11px; BORDER-RIGHT: #ffffff 3px solid" vAlign=middle width="24%" align=center><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">R$ million</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" vAlign=middle width="10%" align=center><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" vAlign=middle width="9%" align=center><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" vAlign=middle width="10%" align=center><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" vAlign=middle width="10%" align=center><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" vAlign=middle width="9%" align=center><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" vAlign=middle width="10%" align=center><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" vAlign=middle width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">2Q12</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="24%" align=left><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Consolidated Results</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="10%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Steel</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="9%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Mining</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="10%" align=center><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Logistics</FONT></B></FONT> <FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms"><BR></FONT><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(Port)</FONT></B></FONT> </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="10%" align=center><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Logistics</FONT></B></FONT> <FONT><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms"><BR>(Railways)</FONT></B></FONT> </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="9%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Energy</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="10%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Eliminations/</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;<BR></FONT><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Corporate</FONT></B></FONT> </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="10%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Consolidated</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="24%" align=left><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Net Revenue</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">2,652</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">1,117</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">35</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">263</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">57</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">94</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(81)</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">4,137</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="24%" align=left><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Domestic Market</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">1,968</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">187</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">35</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">263</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">57</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">94</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(107)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">2,497</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8px; BORDER-RIGHT: #ffffff 3px solid" width="24%" align=left><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Foreign Market</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">684</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">930</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">-</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">-</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

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

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

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">27</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">1,640</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="24%" align=left><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Cost of Goods Sold</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(2,234)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(535)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(20)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(183)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(33)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

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

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">104</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(2,981)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="24%" align=left><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Gross Profit</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">418</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">581</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">15</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 7px; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">80</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">24</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">15</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">23</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">1,156</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="24%" align=left><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Selling, General and Administrative</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(136)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(21)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 7px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(5)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(24)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(5)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(18)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(117)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(327)</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="24%" align=left><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Depreciation</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">190</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">47</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">2</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">33</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">4</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">8</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">291</FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="24%" align=left><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Adjusted EBITDA</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">471</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="9%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">607</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">12</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">88</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="9%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">23</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">(86)</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">1,120</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="24%" align=left><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">Adjusted EBITDA Margin</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">18%</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">54%</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">33%</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">34%</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="9%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">40%</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="10%" align=right><FONT><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">27%</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR></TABLE></DIV>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</P>

<P style="TEXT-ALIGN: right">PAGE 24of 108</P>

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



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_25></A>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif">Steel</FONT></B></H3></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm"><B><FONT style="FONT-SIZE: 5pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Scenario
</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to the World Steel
Association (WSA), global crude steel production totaled 1.14 billion tonnes in
the first nine months of 2012, remaining flat over 9M11, with China, responsible
for 535 million tonnes, recording growth of 1%. Existing global capacity use
increased from 75.5% in August to 77.7% in September.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The WSA expects global demand to slow,
reined in by the European crisis and the reduced pace of Chinese economic
growth, and has consequently revised its 2012 apparent steel consumption
forecast down to 2.1% from 3.6% in April. For China, it expects growth of 2.5%,
less than the 4% announced in April.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to the Brazilian Steel
Institute (IABr), 9M12 domestic production totaled 26.0 million tonnes of crude
steel, 3% down on 9M11, and 11.2 million tonnes of rolled flat steel, up by 5%
over the same period in 2011. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Domestic flat steel sales stood at 8.5
million tonnes in the first nine months, 1% down on 9M11, while flat steel
exports fell 20%, to 1.3 million tonnes. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In the same period, domestic apparent
flat steel consumption totaled 10.2 million tonnes, a reduction of 2% over
9M11.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Year-to-date flat steel imports stood
at 1.6 million tonnes, 5% less than in the same period last year.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Automotive</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to ANFAVEA (the Auto
Manufacturers&#8217; Association), vehicle production totaled 910 thousand units in
3Q12, 12% up on 2Q12, and 2.5 million in the first nine months of the year, 5.7%
less than in 9M11.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Vehicle sales totaled 1.07 million
units in 3Q12, a substantial 19% increase over the previous quarter. On the
other hand, exports fell by 11% in the same period to 99 thousand units. In the
first nine months, sales reached 2.8 million units, 4% up on 9M11, while exports
plunged by 18% to 322 thousand units.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Given the recovery in vehicle sales
and the record licensing of new vehicles in August, thanks to the IPI (federal
VAT) tax reduction, FENABRAVE (the Vehicle Distributors&#8217; Association) has
revised its auto market estimates and now expects car and light commercial
vehicle sales to grow by 8.0%, versus the previous forecast of a 0.4%
reduction.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">ANFAVEA is maintaining its annual
vehicle licensing growth estimate at between 4% and 5%, with sales of 3.81
million units, including cars, light commercial vehicles, trucks and
buses.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-SIZE: 4pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Construction</FONT></U></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>&nbsp;&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to
ABRAMAT (the Construction Material Manufacturers&#8217; Association), domestic sales
of building materials through August increased by 2.1% year-on-year, fueled by
the upturn in credit availability for individuals. The institution expects the
sector to record growth of 3.4% in 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">An ABRAMAT
survey indicated increased optimism by sector entrepreneurs in relation to the
government&#8217;s incentive measures.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT size=2 face="Trebuchet MS"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Also according
to ABRAMAT, 2012 revenue should grow by 3.4%, reaching a new record, while sales
of base materials, such as cement and rebars, are expected to increase by 3%.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-SIZE: 5pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Home
Appliances</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">According to Eletros (the Home Appliance and
Consumer Electronics Manufacturers&#8217; Association), appliance sales recorded a 22%
year-on-year upturn in the first seven months of 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 25of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_26></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The federal
government has extended the reduction in IPI (federal VAT) on white goods
(refrigerators, washing machines and stoves) until the end of December. As a
result, Eletros expects sales of these items to increase by between 15% and 20%
in 4Q12 over 4Q11, closing 2012 with annual growth of 15%.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><B><FONT style="FONT-SIZE: 4pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Distribution</FONT></U></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif> &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to
INDA (the Brazilian Steel Distributors&#8217; Association), domestic flat steel sales
by distributors totaled around 3.3 million tonnes in 9M12, 0.7% more than in
9M11, while purchases by the associated network totaled 3.2 million tonnes, 4.1%
more than in 9M11. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Inventories
totaled 949 thousand tonnes at the end of September, 1.4% lower than in August,
with a turnover of 2.7 months of sales.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">INDA has
revised its 2012 annual growth estimate down to around 2%, versus its 6%
forecast at the beginning of the year.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Consolidated
Sales Volume</FONT></U></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">&nbsp;&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">CSN sold a
record of 1.6 million tonnes of steel in 3Q12, 13% more than in 2Q12.&nbsp; Of
this total, 79% was sold on the domestic market (5 p.p. up on 2Q12), 19% by
overseas subsidiaries and direct exports accounted for 2%.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Domestic Sales
Volume</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Domestic sales
totaled a record of 1.3 million tonnes in 3Q12, 21% up on 2Q12, reflecting the
Company&#8217;s strategy of prioritizing the domestic market.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Foreign Sales
Volume</FONT></U></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">&nbsp;&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Foreign steel
sales reached 332 thousand tonnes in 3Q12. Of this total, the Company&#8217;s overseas
subsidiaries sold 297 thousand tonnes, with SWT alone accounting for 191
thousand tonnes. Direct exports totaled 35 thousand tonnes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Prices</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net revenue
per tonne averaged R$1,815 in 3Q12, stable in relation to the R$1,814 recorded
in 2Q12. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Consolidated
Net Revenue</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net revenue
from steel operations totaled R$2,917 million in the third quarter, a 10%
increase in relation to 2Q12. </FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 5pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Consolidated Cost of Goods Sold
(COGS)</FONT></U></B></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Steel segment
COGS reached R$2,323 million in 3Q12, 4% up on the 2Q12 figure, chiefly due to
higher sales volume.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> It is important to highlight that COGS of
</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">R$1,462 </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">per tonne in 3Q12 presented an 8%
reduction in relation to </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">R$1,582 </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">per tonne in 2Q12. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 26of 108</P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT></U></B>&nbsp;</P>

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



<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

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

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Adjusted steel segment EBITDA totaled R$567 million in 3Q12, 20% up on the R$471 million recorded in 2Q12, basically due to the effects described above, accompanied by an adjusted EBITDA margin of 19%.</FONT></P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Presidente Vargas Steelworks (UPV) produced 1.3 million tonnes of crude steel in 3Q12, 7% higher than in 2Q12, and 1.2 million tonnes of rolled flat steel.</FONT></P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=1 cellSpacing=0 borderColor=#000000 cellPadding=0>



<TR vAlign=bottom>

   <TD bgColor=#99ccff vAlign=middle rowSpan=2 width="51%" align=center><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif><B>Production (in thousand t)</B></FONT></TD>

   <TD bgColor=#99ccff vAlign=middle rowSpan=2 width="18%" align=center><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif><B>2Q12</B></FONT></TD>

   <TD bgColor=#99ccff vAlign=middle rowSpan=2 width="13%" align=center><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif><B>3Q12</B></FONT></TD>

   <TD bgColor=#99ccff vAlign=middle width="18%" align=center><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif><B>Change</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#99ccff vAlign=middle width="18%" align=center><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif><B>3Q12 x 2Q12</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Crude Steel</FONT>&nbsp;</TD>

   <TD width="18%" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,213</FONT>&nbsp;</TD>

   <TD width="13%" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,292</FONT>&nbsp;</TD>

   <TD width="18%" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Total Rolled Products</FONT>&nbsp;</TD>

   <TD width="18%" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,164</FONT>&nbsp;</TD>

   <TD width="13%" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,168</FONT>&nbsp;</TD>

   <TD width="18%" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">-</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif></FONT></P>

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

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 3Q12, the Presidente Vargas Steelworks&#8217; total production costs stood at R$1,648 million, 6% more than the R$1,559 million reported in 2Q12, due to: </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Raw Materials:</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> increase of R$46 million, primarily related to the following inputs:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">- Coal:</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> upturn of R$40 million, due to increased consumption.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">- Other raw materials:</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> increase of R$6 million.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Other production costs:</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">upturn of R$29 million.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Labor:</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> increase of R$9 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Depreciation:</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> increase of R$5 million. </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>
<IMG border=0 src="fp26.gif"></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></DIV>

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    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif">Mining</FONT></B></H3></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="MARGIN: 3pt 0cm 7.2pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Scenario </FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The seaborne
iron ore market has been marked by price volatility in recent months, reflecting
the uncertainties and challenges related to the global economic
scenario.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">While Europe
suffered a downturn in steel production, the Chinese steel market has been
marked by stable output, declining prices and the replacement of domestic iron
ore consumption by imports.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">As a result,
iron ore prices (Platts IO Fines 62% CFR China) reached US$88.50/dmt in
September, after closing June at US$135.25/dmt. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The 1% Fe
quality premium also recorded a decline, hovering between US$2.00 and
US$3.25/dmt in 3Q12, versus US$3.00-3.75/dmt in the previous quarter.&nbsp;
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">However, the
Chinese government&#8217;s announcement of a US$157 billion infrastructure investment
package in September helped push up prices, which reached US$120.50/dmt on
October 29. These investments will be allocated to railways, highways, ports,
airports, power generation and water treatment plants, with a positive impact on
iron ore demand. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In regard to
freight, the Tubar&#227;o/Qingdao route registered an average of US$18.23/wmt in
3Q12, 6.5% down on 2Q12, reflecting the decline in ship chartering prices due to
reduced demand. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 0cm 3pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Iron ore sales</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 3Q12, sales
of finished iron ore products totaled 6.6 million tonnes<SUP>1</SUP>, 8% up on
2Q12, 4.5 million tonnes of which sold by Namisa. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Exports stood
at 6.3 million tonnes. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Company&#8217;s
own consumption amounted to 1.6 million tonnes.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Considering
CSN&#8217;s 60% interest in Namisa, consolidated sales reached 4.8 million tonnes in
3Q12, 6% up on 2Q12.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 0cm 3pt"><SUP><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="trebuchet ms,sans-serif">1
</FONT></I></SUP><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="trebuchet ms,sans-serif">Sales volumes include 100% of the stake in
NAMISA.</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 0cm 3pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net Revenue</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net revenue
from mining operations totaled R$937 million in 3Q12, 16% less than in 2Q12, due
to the reduction in iron ore prices, partially offset by the period increase in
sales volume. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 0cm 3pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Cost of Goods Sold (COGS)</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Mining COGS
stood at R$571 million in 3Q12, 7% up on 2Q12, due to the upturn in sales
volume. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 0cm 3pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Adjusted EBITDA</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 3Q12,
adjusted EBITDA from mining operations totaled R$398 million, 34% less than in
2Q12, basically reflecting the lower prices in 3Q12, accompanied by an adjusted
EBITDA margin of 42%.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif">Logistics </FONT></B></H3></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Scenario</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Railway
Logistics</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Aiming to
restore rail transport as a thriving logistics alternative in Brazil, in August
the government launched the Logistics Investment Program, which envisages the
expansion of 12 federal railway stretches by a total of 10 thousand kilometers.
Investments are estimated at R$91 billion, R$56 billion of which by
2017.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt 0cm">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 28of 108</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

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<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

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

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Additionally, according to ABIFER (Brazilian Railway Industry Association), the local railway equipment industry should record revenue of R$4.7 billion in 2012, 12% more than in 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Port Logistics</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to ANTAQ (National Waterway Transport Agency), Brazil&#8217;s port installations (including organized ports and private terminals) handled around 434 million gross tonnes in the first half of 2012, 5.3% up on 1H11, with the organized ports accounting for 35% of the total. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 1H12, bulk solids handling totaled 254 million tonnes, 2.9% up on 1H11, while bulk liquids totaled 112 million tonnes, up by 8.9%. Container handling amounted to 3.8 million TEUs<SUP>1</SUP>, 6.6% more than in the same period last year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to a survey conducted by ABTP (the Brazilian Association of Port Terminals), port sector companies are expected to invest R$44 billion in the coming years, R$10 billion of which in container terminals.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><SUP><FONT style="FONT-SIZE: 6pt" lang=EN-US face="trebuchet ms,sans-serif">1 </FONT></SUP><FONT style="FONT-SIZE: 6pt" lang=EN-US face="trebuchet ms,sans-serif">TEU (Twenty&#8208;Foot Equivalent Unit) &#8211; transportation unit equivalent to a standard 20-feet intermodal container </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">MRS and Transnordestina&#8217;s individual third-quarter results had not yet been announced up to the publication of this release. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 3Q12, net revenue from railway logistics totaled R$284 million, COGS stood at R$183 million and adjusted EBITDA amounted to R$111 million, accompanied by an adjusted EBITDA margin of 39%.</FONT></P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 3Q12, net revenue from port logistics amounted to R$41 million, COGS totaled R$21 million and adjusted EBITDA stood at R$17 million, with an adjusted EBITDA margin of 40%.</FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">According to SNIC (the Cement Industry Association), domestic cement sales totaled 51 million tonnes in 2012 through September, 7.4% more than in the same period 2011. In the last twelve months, cement sales reached 67 million tonnes, 7.4% up on the previous 12-month period. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Cement sales totaled 558 thousand tonnes in 3Q12, 20% more than in the previous quarter, pushing up net revenue to R$109 million. At the same time, COGS fell to R$76 million and adjusted EBITDA stood at R$24 million, while the adjusted EBITDA margin widened to 22% in 3Q12. </FONT></P>

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

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to EPE (Energy Research Company), in 2012 through September, Brazilian electricity consumption increased by 3.4% over 9M11, led by the commercial and residential segments which recorded respective growth of 7.2% and 4.3%. Due to the slowdown in industrial activity, industrial consumption only edged up by 0.4%.</FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 3Q12, net revenue from the energy segment amounted to R$56 million, COGS totaled R$40 million and adjusted EBITDA reached R$14 million, with an adjusted EBITDA margin of 26%.</FONT></P></DIV>

<P>&nbsp;</P>

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<P></P>

<P style="TEXT-ALIGN: right">PAGE 29of 108</P>

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  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif">Capital Market</FONT></B></H3></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 3Q12, CSN&#8217;s
shares appreciated by 0.4%, while the IBOVESPA gained 9% in the same period. On
the NYSE, CSN&#8217;s ADRs fell by 0.7%, versus the Dow Jones&#8217; 4%
appreciation.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Daily traded
volume of CSN&#8217;s shares on the BM&amp;FBovespa averaged R$71.9 million in 3Q12,
31% more than the R$54.9 million recorded in 2Q12. On the NYSE, daily traded
volume of CSN&#8217;s ADRs averaged US$40.7 million, 11% higher than the US$36.8
million posted in the previous quarter.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="60%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#000080 width="100%" colSpan=3 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>
  <TR vAlign=bottom>
    <TD bgColor=#000080 width="60%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD bgColor=#000080 width="23%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">2Q12</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD bgColor=#000080 width="17%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">3Q12</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="60%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">N# of
      shares</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="23%" align=right><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">1,457,970,108</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">1,457,970,108</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="60%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Market Capitalization</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="23%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD width="17%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8px" width="60%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Closing price
      (R$/share)</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="23%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">11.38</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="17%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">11.42</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8px" width="60%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Closing price
      (US$/share)</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="23%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">5.67</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="17%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">5.63</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8px" width="60%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Market Capitalization (R$
      million)</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="23%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">16,592</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="17%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">16,650</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8px" width="60%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Market Capitalization (US$ million)</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="23%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">8,267</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">8,208</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="60%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Total return including dividends and interest on
      equity</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="23%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD width="17%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8px" width="60%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">CSNA3 (%)</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="23%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">-31%</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="17%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">0.4%</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8px" width="60%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">SID (%)</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="23%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">-37%</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="17%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">-0.7%</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8px" width="60%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Ibovespa</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="23%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">-16%</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="17%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">9%</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8px" width="60%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Dow Jones</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="23%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">-3%</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">4%</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="60%" align=left><FONT size=+0><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Volume</FONT></B></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="23%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD width="17%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8px" width="60%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Average daily (thousand
      shares)</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="23%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">3,914</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="17%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">6,435</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8px" width="60%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Average daily (R$
      Thousand)</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="23%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">54,893</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="17%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">71,875</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8px" width="60%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Average daily (thousand
      ADRs)</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="23%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">5,078</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="17%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">7,331</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8px" width="60%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Average daily (US$ Thousand)</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="23%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">36,782</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">40,674</FONT></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="60%" align=left><FONT size=+0><I><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Source: Econom&#225;tica</FONT></I></FONT><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></FONT></TD>
    <TD width="23%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD>
    <TD width="17%" align=left><FONT size=+0><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp; </FONT></FONT></TD></TR></TABLE>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P><FONT lang=PT-BR><BR clear=all></FONT></DIV>
<P style="TEXT-ALIGN: right">PAGE 30of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_31></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(Expressed in thousands of reais &#8211; R$, unless otherwise
stated)</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>1.</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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>DESCRIPTION OF BUSINESS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN
has shares listed on the S&#227;o Paulo Stock Exchange (BM&amp;F 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company's main operating activities are divided into
five (5) segments as follows: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Steel:&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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 containers and
galvanized steel. In addition to the facilities in Brazil, CSN has operations in
the United States, Portugal and Germany aimed at gaining markets and performing
excellent services for final consumers. Its steels are used in the home
appliances, civil construction and automobile industries.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Mining:&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cement:&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Logistics&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Railroads:</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Ports:</FONT></I><B><I><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 31of 108</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_32></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Energy:&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.</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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: left; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt" align=left><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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Basis of preparation</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 the Accounting Pronouncements Committee (CPC 21 &#8211;
Interim Financial Statements and Consolidated Interim Financial Statements) and
in accordance with International Accounting Standards (IAS 34 &#8211; Interim
Financial Reporting) issued by the International Accounting Standards Board
(IASB). </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 October 31, 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The consolidated interim financial statements for the
period ended September 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, Mugen and V&#233;rtice:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 32of 108</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_33></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Companies&nbsp;</FONT></B></P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="39%"></TD>
    <TD width="2%"></TD>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="39%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Equity interests
      (%)</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="39%" align=left>&nbsp;</TD></TR>
  <TR height=20>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" bgColor=#f8f8f8 width="39%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Companies</STRONG><FONT size=3 face="Times New Roman"> </FONT></FONT></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f8f8f8 width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" bgColor=#f8f8f8 width="8%" align=center><STRONG><FONT size=1 face=Arial>9/30/2012</FONT></STRONG></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f8f8f8 width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" bgColor=#f8f8f8 width="8%" align=center><STRONG><FONT size=1 face=Arial>12/31/2011</FONT></STRONG></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f8f8f8 width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" bgColor=#f8f8f8 width="39%" align=left><STRONG><FONT size=1 face=Arial>Main activities</FONT></STRONG> </TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="39%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Direct interest: full
      consolidation</FONT></B>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=left>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=left>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="39%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands VII
    Corp.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial
    transactions</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands VIII
    Corp.</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f8f8f8 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial
      transactions</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands IX
    Corp.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial
    transactions</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands X
Corp.</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f8f8f8 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial
      transactions</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands XI
    Corp.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial
    transactions</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands XII
    Corp.</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f8f8f8 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial
      transactions</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tangua Inc. (1)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial
    transactions</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>International Investment
      Fund</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f8f8f8 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity
      interests and financial transactions</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Minerals
S.L.U.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity
interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Export Europe, S.L.U.
      (2)</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f8f8f8 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial
      transactions and equity interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Metals S.L.U.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity interests and financial
      transactions</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Americas
S.L.U.</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f8f8f8 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity
      interests and financial transactions</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Steel S.L.U.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity interests and financial
      transactions</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>TdBB S.A</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f8f8f8 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dormant
      company</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sepetiba Tecon
S.A.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Port services</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Minera&#231;&#227;o Nacional
    S.A.</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 1.675pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining and
      equity interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Florestal Nacional
    S.A.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 1.675pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reforestation</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Estanho de Rond&#244;nia
    S.A.</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 1.675pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tin
      mining</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia Metalic
    Nordeste</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Manufacture of packaging and
      distribution of steel products</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia Metal&#250;rgica
    Prada</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Manufacture of packaging and
      distribution of steel products</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Cimentos S.A.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cement
    manufacturing</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Gest&#227;o de Recursos Financeiros
      Ltda.</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dormant
      company</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Congonhas Min&#233;rios
    S.A.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining and equity
    interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Energia S.A.</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sale of
      electric power</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transnordestina Log&#237;stica
      S.A.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76.13</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70.91</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 3.48pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Railroad
  logistics</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Indirect interest: full
      consolidation</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="39%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Aceros S.A.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity
interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia Sider&#250;rgica Nacional
      LLC</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Steel</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Europe Lda.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions, product
      sales and equity interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Ib&#233;ria Lda.</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial
      transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Portugal, Unipessoal
      Lda.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions and product
      sales</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Lusosider Projectos Sider&#250;rgicos
      S.A.</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity
      interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Lusosider A&#231;os Planos, S.
      A.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.94</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.94</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Steel and equity
    interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Acquisitions,
    Ltd.</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial
      transactions and equity interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Resources S.A.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions and equity
      interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Finance (UK)
    Ltd</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial
      transactions and equity interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Holdings (UK)
    Ltd</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions and equity
      interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Handel GmbH
(3)</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial
      transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia Brasileira de Latas
      (4)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59.17</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59.17</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sale of cans and containers in
      general and equity interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Rimet Empreendimentos Industriais
      e Comerciais S. A. (4)</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.08</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.08</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Production
      and sale of steel containers and forestry</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia de Embalagens Met&#225;licas
      MMSA (4)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Production and sale of cans and
      related activities</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Empresa de Embalagens Met&#225;licas -
      LBM Ltda. (4)</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sales of
      containers and holding interests in other entities</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Empresa de Embalagens Met&#225;licas -
      MUD Ltda. (4)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Production and sale of household
      appliances and related products</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Empresa de Embalagens Met&#225;licas -
      MTM do Nordeste (4)</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Production
      and sale of cans and related activities</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia de Embalagens Met&#225;licas
      - MTM (4)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Production and sale of cans and
      related activities</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Steel Comercializadora, S.L.U.
      (5)</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial
      transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Steel Holdings 1, S.L.U.
      (5)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions, product
      sales and equity interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Steel Holdings 2, S.L.U.
      (5)</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial
      transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Stalhwerk Th&#252;ringen GmbH
      (5)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Production and sale of long steel
      and related activities</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Steel Sections UK Limited
      (5)</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial
      transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Steel Sections GmbH
    (5)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions, product
      sales and equity interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Steel Sections Czech Republic
      s.r.o. (5)</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial
      transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Steel Sections Polska Sp.Z.o.o
      (5)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.04pt" width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions, product
      sales and equity interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Direct interest:
      proportionate consolidation</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="39%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nacional Min&#233;rios
    S.A.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining and equity
    interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>It&#225; Energ&#233;tica
S.A.</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48.75</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48.75</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Electric power
    generation</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica S.A.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27.27</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27.27</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Railroad
    transportation</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cons&#243;rcio da Usina Hidrel&#233;trica de
      Igarapava</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17.92</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17.92</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Electric power
    consortium</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Aceros Del Orinoco
    S.A.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.73</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.73</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dormant company</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CBSI - Companhia Brasileira de
      Servi&#231;os de Infraestrutura (6)</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision of
    services</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CGPAR - Constru&#231;&#227;o Pesada S.A.
      (7)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining support services and equity
      interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Indirect interest:
      proportionate consolidation</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="39%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Namisa International Min&#233;rios
      SLU</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions, product
      sales and equity interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Namisa Europe, Unipessoal
      Lda.</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity interests and sales of
      products and minerals</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Namisa Handel GmbH (3) e
      (8)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions, product
      sales and equity interests</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica S.A.</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Railroad
    transportation</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Aceros Del Orinoco
    S.A.</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.08</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.08</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dormant company</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="39%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Direct interest: equity
      method</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="39%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Arvedi Metalfer do Brasil S.A.
      (9)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Metallurgy and equity
      interests</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Company liquidated in June 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Export S.&#224;.r.l., changed on
August 9, 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(3)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Companies acquired on November 3, 2011;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(4)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Interests acquired on July 12, 2011;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT face=Arial></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 33of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_34></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(5)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Companies acquired on January 31, 2012;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(6)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Equity interest acquired on December 5, 2011;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(7)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Equity interest acquired on July 18, 2012;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(8)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of Aloadus Handel Gmbh, changed on
August 13, 2012;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(9)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Equity interest acquired on July 31, 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exclusive funds</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="39%"></TD>
    <TD width="2%"></TD>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="39%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=center></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="39%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Equity<BR></STRONG><STRONG>interests
      (%)</STRONG></FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="39%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Exclusive
    funds</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012&nbsp;</FONT></B>&nbsp;</TD>
    <TD width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><STRONG><FONT size=1 face=Arial>12/31/2011</FONT></STRONG>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Main
    activities</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="39%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Direct interest: full
      consolidation</FONT></B>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=left>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=left>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="39%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Diplic - Balanced mutual
      fund</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 6.24pt" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment fund</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mugen - Balanced mutual
      fund</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 6.24pt" bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment fund</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Caixa V&#233;rtice - Balanced mutual
      fund private credit</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 6.24pt" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="39%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment
  fund</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Subsidiaries&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Jointly controlled entities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Associates&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Associates are all entities over which the Company has
significant influence but not control, generally through a shareholding of 20%
to 50% of the voting rights. Investments in associates are accounted for under
the equity method of accounting and are initially recognized at cost.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions and non-controlling interests</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#002060 face=arial,sans-serif>Shareholders&#8217; Equity</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.
Gains and losses on disposals to non-controlling interests are also recognized
directly in Shareholders&#8217; Equity, in line item &#8220;Valuation adjustments to
equity&#8221;.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 34of 108</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_35></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Individual interim financial statements</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the individual interim financial statements, interests
in subsidiaries and associate are accounted for under 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: 0cm 0cm 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: left; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt" align=left><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(d)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Foreign currencies</FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i.</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Functional and presentation currency</FONT></B></P>
<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii.</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Balances and transactions</FONT></B></P>
<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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 September 30, 2012 of monetary
assets and liabilities denominated in foreign currencies are recognized in the
income statement, except when they are recognized in </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Equity</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> as qualifying cash flow hedges and qualifying net
investment hedges.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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 September 30,
2011, US$1 is equivalent to R$2.0306 (R$1.8758 as of December 31, 2011),
EUR&nbsp;1 is equivalent to R$2.6109 (R$2.4342 as of December 31, 2011), and
JPY&nbsp;1 is equivalent R$0.02606 (R$0.02431 as of December 31,
2011).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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
</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Equity</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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
</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Equity</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 35of 108</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_36></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>iii.</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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Group companies</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0cm 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;
</FONT><FONT style="LINE-HEIGHT: 116%; 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 at the end of the reporting period;
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0cm 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;
</FONT><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0cm 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;
</FONT><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 Shareholders&#8217; 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: 0cm 0cm 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: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(e)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cash and cash equivalents</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(f)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Trade receivables</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(g)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Inventories&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(h)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Investments&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Investments in subsidiaries, jointly controlled entities
and associates are accounted for under 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; Shareholders&#8217; Equity, are recognized
in line item &#8220;Cumulative translation adjustments&#8221;, in the Company&#8217;s
Shareholders&#8217; 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: 0cm 0cm 0pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 36of 108</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_37></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(i)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Business combination</FONT></B></P>
<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(j)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Property, plant and equipment</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0cm 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;
</FONT><FONT style="LINE-HEIGHT: 116%; 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: -18pt; MARGIN: 0cm 0cm 0cm 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;
</FONT><FONT style="LINE-HEIGHT: 116%; 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: -18pt; MARGIN: 0cm 0cm 0cm 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;
</FONT><FONT style="LINE-HEIGHT: 116%; 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: -18pt; MARGIN: 0cm 0cm 0cm 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;
</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Examine and test the extraction processes and
methods;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 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;
</FONT><FONT style="LINE-HEIGHT: 116%; 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: -18pt; MARGIN: 0cm 0cm 0cm 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;
</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Market studies and financial studies.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The development stage includes:</FONT></P>
<P style="MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0cm 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;
</FONT><FONT style="LINE-HEIGHT: 116%; 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: -18pt; MARGIN: 0cm 0cm 0cm 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;
</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Access and draining plans;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 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;
</FONT><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 37of 108</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_38></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(k)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Intangible assets</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Goodwill&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Software&nbsp;</FONT></B></P>
<P style="MARGIN: 0cm 0cm 0cm 14.2pt"><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: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(l)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Impairment of non-financial assets </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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 whenever events or changes in
circumstances indicate that their carrying amounts may not be recoverable. An
impairment loss is recognized at the amount by which the carrying amount of an
asset exceeds its recoverable amount. The recoverable amount is the higher of
the fair value of an asset less costs to sell and its value in use. For
impairment testing purposes, assets are grouped at their lowest levels for which
there are separately identifiable cash flows (Cash Generating Units - CGUs).
Non-financial assets, except goodwill, that are considered impaired are
subsequently reviewed for possible reversal of the impairment at the reporting
date.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 38of 108</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_39></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(m)</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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Employee benefits</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i.</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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee benefits</FONT></B></P>
<P style="MARGIN: 0cm 0cm 0cm 24pt"><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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Defined contribution plans </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Defined benefit plans</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 were
calculated using the same accounting method used for defined benefit pension
plans. These obligations are annually evaluated by qualified independent
actuaries.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 they are recorded in the income statement only if the
plan is extinguished.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii.</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Profit sharing and bonus</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 39of 108</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_40></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(n)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Provisions&nbsp;</FONT></B></P>
<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(o)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Concessions&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(p)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Share capital </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 24pt"><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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Common shares are classified in Shareholders&#8217; Equity.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 Shareholders&#8217; Equity as a deduction from the
proceeds, net of taxes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 Shareholders&#8217; 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 Shareholders&#8217; Equity attributable to owners of the
Company.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(q)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Revenue recognition</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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
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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(r)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Finance income and finance costs</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; 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. Distributions received
from investees accounted for under the equity method reduce the investment
value. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><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: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 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></DIV>
<P style="TEXT-ALIGN: right">PAGE 40of 108</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_41></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(s)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income tax and social contribution</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 1.45pt 0pt 0cm"><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: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; 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 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Equity</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>.&nbsp; &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 1.45pt 0pt 0cm"><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: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 1.45pt 0pt 0cm"><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: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(t)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Earnings per share </FONT></B></P>
<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(u)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Environmental and restoration costs </FONT></B></P>
<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 41of 108</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_42></A>
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<P style="MARGIN: 0cm 0cm 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="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(v)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Research and development </FONT></B></P>
<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 September 30, 2012 amounted to
R$4,635 (R$4,792 for the period ended September 30, 2011). </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(w)</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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial instruments </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets </FONT></B></P>
<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 at the time of initial
recognition.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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;
</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets at fair value through profit or
loss</FONT></B></P>
<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 designed as cash flow hedging instruments. Assets
in this category are classified in current assets. </FONT></P>
<P style="MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Loans and receivables</FONT></B></P>
<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Held-to-maturity assets</FONT></B></P>
<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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;
</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Available-for-sale financial assets</FONT></B></P>
<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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;
</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Recognition and measurement</FONT></B></P>
<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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
</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P></DIV>
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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

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   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 Shareholders&#8217; 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; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 impaired.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>significant financial difficulty of the issuer or counterparty;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; 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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; 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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; 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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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="LINE-HEIGHT: 116%; 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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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

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   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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="LINE-HEIGHT: 116%; 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: &nbsp;industry and segment performance, changes in technology, and operating and financial cash flows. </FONT><FONT style="LINE-HEIGHT: 116%; 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 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Equity</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif> 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iii)</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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>Financial assets are classified into following categories: measured at fair value through profit or loss and other financial liabilities. Management determines the classification of its financial liabilities at the time of initial recognition.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0cm 14.2pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other financial liabilities</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iv)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Derivative instruments and hedging activities</FONT></B></P>

<P style="MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Derivatives measured at fair value through profit or loss</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>

<P style="MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Foreign exchange gains or losses on foreign operations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 44of 108</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_45></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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
Shareholders&#8217; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Gains
and losses accumulated in Shareholders&#8217; Equity are included in the income
statement when the foreign operation is partially disposed of or
sold.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(x)</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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Segment information</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(y)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Government grants</FONT></B></P>
<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(z)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>New
standards and interpretations issued and not yet adopted</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3.</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;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Companhia Brasileira de Latas (&#8220;CBL&#8221;)</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#548dd4 face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 45of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_46></A>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE></DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="55%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3.119pt" width="55%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Assets acquired and liabilities
      assumed</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>Carrying</STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">
      </FONT><STRONG>amounts</STRONG></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>Fair
      value</STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">
      </FONT><STRONG>adjustments</STRONG></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;<STRONG>Total fair
      value</STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">
      </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 4.816pt" bgColor=#f2f2f2 width="55%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Current
      assets</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">62,182</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(7,465)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">54,717</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 4.816pt" width="55%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Non-current assets
      (*)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">44,718</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">89,449</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">134,167</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 4.816pt" bgColor=#f2f2f2 width="55%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Current
      liabilities</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(144,225)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10,522</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(133,703)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.816pt" width="55%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Non-current liabilities
      (**)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(567,469)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">351,035</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(216,434)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="55%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total
      assets acquired and liabilities assumed</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(604,794)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">443,541</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(161,253)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;(*) 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="85%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Goodwill
      arising on acquisition</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 1.566pt" bgColor=#f2f2f2 width="85%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(-) Book value
      of CBL</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(604,794)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1.566pt" width="85%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(+) Fair value of assets
      acquired and liabilities assumed</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">443,541</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1.566pt" bgColor=#f2f2f2 width="85%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(=) Total fair value of assets
      acquired and liabilities assumed</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(161,253)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=3><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1.566pt; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="85%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Purchase price
      considered</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">43,316</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=3><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1.566pt; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="85%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Goodwill arising on
      acquisition</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">204,569</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"></P>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0cm 14.2pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; 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; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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.</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>(currently named CSN Steel Holdings 2,
S.L.U.)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>and Grupo Alfonso Gallardo Th&#252;ringen, S.L.U.
(currently named CSN Steel Holdings 1, S.L.U.),</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>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. </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>(currently named CSN Steel Comercializadora,
S.L.U.), a trader of SWT products, all previously held by Grupo Alfonso
Gallardo, S.L.U. </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;(&#8220;AG Group&#8221;).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right">PAGE 46of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_47></A>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE></DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD width="84%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="84%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Amounts
      in R$</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="84%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Transaction price</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,107,482</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.292pt" width="84%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Net debt</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(860,743)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.292pt" bgColor=#f2f2f2 width="84%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Provisions</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(11,833)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.292pt" width="84%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Tax credits</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">13,555</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.292pt" bgColor=#f2f2f2 width="84%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Working capital</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">52,084</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2.292pt" width="84%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(=) Purchase price
      considered</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">300,545</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; 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></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="55%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3pt" width="55%" align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets
      acquired</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG><FONT style="FONT-SIZE: 9pt">Carrying<BR></FONT><FONT style="FONT-SIZE: 9pt">amounts</FONT></STRONG></FONT></TD>
    <TD width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG><FONT style="FONT-SIZE: 9pt">Fair value<BR></FONT><FONT style="FONT-SIZE: 9pt">adjustments</FONT></STRONG></FONT></TD>
    <TD width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="14%" align=center><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT><STRONG><FONT style="FONT-SIZE: 9pt" face=Arial>Total fair value</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 4.585pt" bgColor=#f2f2f2 width="55%" align=left><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>Current assets</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>402,121</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>2,536</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>404,657</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 4.585pt" width="55%" align=left><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>Non-current
      assets (*)</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>192,788</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>731,161</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>923,949</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 4.585pt" bgColor=#f2f2f2 width="55%" align=left><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>Current liabilities</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>(263,338)</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>(263,338)</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.585pt" width="55%" align=left><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>Non-current liabilities
      (**)</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>(846,175)</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>(110,055)</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>(956,230)</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="55%" align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total assets
      acquired</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(514,604)</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>623,642</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>109,038</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="84%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="84%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Goodwill arising on
      acquisition</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="15%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 1.584pt; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="84%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(+) Purchase price
      considered</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">300,545</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 1.584pt" width="84%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(-) Fair value of assets
      acquired and liabilities assumed</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">109,038</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 1.584pt; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="84%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(=) Goodwill arising on
      acquisition</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">191,507</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"></P>
<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4.</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;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>RELATED-PARTY BALANCES AND TRANSACTIONS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a)</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;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions with Holding Company</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right">PAGE 47of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_48></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Liabilities&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&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" vAlign=middle width="35%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;
    </FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="25%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Proposed</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;
    </FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="25%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Paid </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 28.199pt" vAlign=middle width="35%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Companies</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Dividends</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Interest
      on capital</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Dividends</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Interest
      </FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>on
      capital</STRONG> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="35%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Vicunha Siderurgia</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"></TD>
    <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">167,022</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">167,022</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">574,267</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Rio Iaco</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">13,924</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">13,924</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">47,897</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="35%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total at
      9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">180,946</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">180,946</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">622,164</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="35%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total at
      12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 28.921pt" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">622,164</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">622,164</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">777,706</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">184,987</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b)</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;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Assets&nbsp;</FONT></B></P>
<P style="MARGIN: 0cm 0cm 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; BORDER-TOP: #000000 1px solid" vAlign=middle width="30%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Companies</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="9%" align=center>
      <P align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Trade<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">receivables</FONT></STRONG></P></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="9%" align=center>
      <P align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Short-term
      and<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>other<BR></STRONG></FONT></FONT><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">investments
      <SUP>(1)</SUP></FONT></STRONG></P></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Intercompany<BR>loans and
      other<BR>receivables </FONT><FONT style="FONT-SIZE: 9pt"></FONT><SUP><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(2)</FONT></SUP></STRONG></FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="9%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Dividends<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">receivable</FONT></STRONG></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="9%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Advance
      for<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>future capital<BR></STRONG></FONT><FONT style="FONT-FAMILY: arial"></FONT></FONT><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">increase</FONT></STRONG></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="9%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Derivative<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>financial<BR></STRONG></FONT><FONT style="FONT-FAMILY: arial"></FONT></FONT><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">instruments
      <SUP>(3)</SUP></FONT></STRONG></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.243pt; BORDER-TOP: #000000 1px solid" vAlign=middle width="9%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=center></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Islands VIII Corp. (Nota
      10)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">388,577</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">388,577</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Portugal, Unipessoal
      Lda.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">22,126</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">22,126</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Europe Lda.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9,965</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9,965</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Handel GmbH</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">65,085</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">65,085</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Companhia Metal&#250;rgica
      Prada</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">251,332</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">36,500</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">287,832</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Cimentos S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,813</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,813</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Companhia Metalic
      Nordeste</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">11</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">220</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">231</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Transnordestina Log&#237;stica
      S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">25</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">120,600</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">112,495</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">233,120</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Florestal Nacional
      S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">178,526</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9,142</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">187,668</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Sepetiba Tecon S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,840</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,840</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Estanho de Rond&#244;nia
      S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,625</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">850</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,475</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Fundos Exclusivos</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,110,236</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,110,236</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Minera&#231;&#227;o Nacional
      S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">81</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">81</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Companhia Brasileira de
      Latas</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">11,014</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">64,416</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">75,430</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Arvedi
      Metalfer do Brasil S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,976</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,976</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total at
      9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">372,371</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,110,236</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">368,518</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,546</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">159,207</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">388,577</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,411,455</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="30%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total at
      12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,989,352</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,092,089</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">239,885</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">14,045</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">49,206</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">374,455</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,759,032</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; 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. and Caixa Econ&#244;mica Federal. As of September 30, 2012,
short-term investments total R$1,000,404 (R$1,954,319 as of December 31, 2011)
and investments in Usiminas shares total R$109,832 (R$137,770 as of December 31,
2011) both classified as available-for-sale investments.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(2)
Transnordestina &#8211; R$ contracts: interest equivalent to 101.5% to 102.5% of the
interbank deposit rate (CDI) with final maturity in June 2014. As of September
30, 2012, borrowings total R$120,600 (R$53,440 as of December 31, 2011) of which
R$87,283 is classified in long term and R$33,317 classified in short
term.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Florestal Nacional &#8211; R$ contracts: interest equivalent to
100.5% to 101.5% of the CDI with maturity in January 2013. As of September 30,
2012, borrowings total R$178,526 (R$162,180 as of December 31, 2011) of which
R$144,718 is classified in long term and R$33,808 classified in short term.
</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Arvedi Metalfer do Brasil &#8211; Euro contract: interest of
3.8%p.a. with maturity in June 2013, classified in short term. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 48of 108</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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



<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

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

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Companhia Brasileira de Latas - receivables of R$75,430 (R$45,550 as of December 31, 2011), of which R$11,014 is classified in short term and R$64,416 in long term. These receivables total R$322,249, and R$246,819 is accrued for operations for the period before the acquisition, which is reversed only when received. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Liabilities&nbsp;</FONT></B></P>

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

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



<TR>

   <TD width="28%"></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="10%"></TD>

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

   <TD width="10%"></TD>

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

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle rowSpan=2 width="28%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Companies</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="38%" colSpan=5 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Borrowings and financing</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="10%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other payables</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle rowSpan=2 width="10%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Trade payables</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle rowSpan=2 width="10%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Prepayment </FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><B><SUP>(1)</SUP></B>&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Fixed rate notes and<BR></FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>intercompany bonds <SUP>(2)</SUP></STRONG> </FONT></TD>

   <TD vAlign=middle width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Intercompany<BR></FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>borrowings (2)</STRONG> </FONT></TD>

   <TD vAlign=middle width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;<STRONG>Payables</STRONG> </FONT></TD>

   <TD vAlign=middle width="1%" align=center><B></B></TD>

   <TD vAlign=middle width="1%" align=center><B></B></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="28%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=center></TD>

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

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="12%" align=center></TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="12%" align=center></TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="10%" align=center></TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="10%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="10%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Islands VIII Corp.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&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: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,566,228</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&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: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,566,228</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Portugal, Unipessoal Lda.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">227,681</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

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

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

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

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

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">227,681</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Europe Lda.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&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: 9pt">&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: 9pt">&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: 9pt">66,640</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">66,640</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Resources S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,095,035</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,154,052</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">601,440</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,850,527</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Ib&#233;ria Lda.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&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: 9pt">&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: 9pt">&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: 9pt">49,644</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">49,644</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Estanho Rond&#244;nia S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

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

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

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

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

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

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

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,785</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,785</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Congonhas Min&#233;rios S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&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: 9pt">&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: 9pt">&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: 9pt">1,365,197</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,365,197</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Cimentos S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

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

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

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

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

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

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

   <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">350,061</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">181</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">350,242</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other(*)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,245</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,245</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total at 9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,322,716</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,720,280</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,082,921</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">350,061</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">7,211</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,483,189</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="28%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total at 12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,244,927</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,404,701</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,095,223</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,723</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">18,152</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">7,764,726</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 21.3pt"><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;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US$ contracts - CSN Portugal: interest of 6.15% p.a. maturing in May 2015. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US$ contract - CSN Resources: interest of 4.07% p.a. maturing in August 2022.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 21.3pt"><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;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US$ contract - CSN Resources: interest of 2.01% to 2.50% p.a. maturing in February 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>(*)</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif> </FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Other</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>:&nbsp;</FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif> Companhia Metal&#250;rgica Prada, Cia. Metalic Nordeste, Sepetiba Tecon and Companhia Brasileira de Latas.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 49of 108</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_50></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Profit or loss</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD vAlign=middle width="28%" align=center></TD>
    <TD vAlign=middle width="1%" align=center></TD>
    <TD vAlign=middle width="8%" align=center></TD>
    <TD vAlign=middle width="1%" align=center></TD>
    <TD vAlign=middle width="8%" align=center></TD>
    <TD vAlign=middle width="1%" align=center></TD>
    <TD vAlign=middle width="8%" align=center></TD>
    <TD vAlign=middle width="1%" align=center></TD>
    <TD vAlign=middle width="8%" align=center></TD>
    <TD vAlign=middle width="1%" align=center></TD>
    <TD vAlign=middle width="8%" align=center></TD>
    <TD vAlign=middle width="1%" align=center></TD>
    <TD vAlign=middle width="8%" align=center></TD>
    <TD vAlign=middle width="1%" align=center></TD>
    <TD vAlign=middle width="8%" align=center></TD>
    <TD vAlign=middle width="1%" align=center></TD>
    <TD vAlign=middle width="8%" align=center></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle rowSpan=2 width="28%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Companies</FONT></B></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="35%" colSpan=7 align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Revenues</FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"> </FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="35%" colSpan=7 align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Expenses</FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8.307pt" vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Sales</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Interest</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Exchange<BR></FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>differences</STRONG>
      </FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6.387pt" vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Purchases</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Interest</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Exchange<BR></FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>differences</STRONG>
      </FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.173pt" vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Islands VIII
      Corp.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">65,646</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">476,735</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">542,381</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Portugal, Unipessoal
      Lda.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">54,514</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">54,514</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">11,307</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,494</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">14,801</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Europe Lda.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">24,953</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">24,953</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">167</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">167</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Resources S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">181,942</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">371,010</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">552,952</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Export Europe,
      S.L.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,756</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,756</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Lusosider A&#231;os Planos,
      S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,486</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,486</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Handel GmbH</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">662,592</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">35,311</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">697,903</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">International Investment
      Fund</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">144</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,565</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,709</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Ib&#233;ria Lda.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,083</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">330</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,413</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,006</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,006</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Companhia Metal&#250;rgica
      Prada</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">860,694</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">860,694</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">23,596</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">23,596</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Cimentos S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">91,591</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">91,591</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">25,486</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">25,486</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Companhia Metalic
      Nordeste</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">26,248</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">26,248</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">565</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">565</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Estanho de Rond&#244;nia
      S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">26,492</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">26,492</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Florestal Nacional
      S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">11,232</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">11,232</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Sepetiba Tecon S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,408</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,408</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">913</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">913</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Fundos Exclusivos</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">64,216</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">64,216</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Congonhas Min&#233;rios
      S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">93,032</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">93,032</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Transnordestina Log&#237;stica
      S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">321</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,254</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,575</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CSN Energia S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">176,840</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">176,840</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Companhia Brasileira de
      Latas</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">65,679</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">65,679</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,911</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,911</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="28%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total at
      9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,777,130</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">80,702</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">63,080</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,920,912</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">255,803</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">353,244</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">854,560</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,463,607</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="28%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total at
      9/30/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,996,626</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">15,929</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">125,387</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,137,942</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">80,342</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">366,341</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">587,868</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,034,550</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>c)</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;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Assets&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="40%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle width="40%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD vAlign=middle width="14%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD vAlign=middle width="44%" colSpan=5 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 21pt; BORDER-TOP: #000000 1px solid" vAlign=middle width="40%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Companies</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="14%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Trade<BR></FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>receivables</STRONG>
      </FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="14%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Trade<BR></FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>receivables</STRONG>
      </FONT></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=middle width="1%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="14%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Dividends<BR></FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>receivable</STRONG>
      </FONT></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=middle width="1%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="14%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Nacional Min&#233;rios
      S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">78,235</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">195,586</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">622,004</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">817,590</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">MRS Log&#237;stica S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">58</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">87</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">67,403</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">67,490</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total at
      9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">78,293</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">195,673</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">689,407</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">885,080</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total at
      12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">31,741</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">75,815</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">662,197</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">738,012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 50of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_51></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Liabilities&nbsp;&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&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 style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="34%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="32%" colSpan=5 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="32%" colSpan=5 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="34%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Companies</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="21%" colSpan=3 align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other
      payables</FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">
      </FONT></TD>
    <TD vAlign=middle rowSpan=2 width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="10%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Trade payables</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle rowSpan=2 width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="21%" colSpan=3 align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other
      payables</FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">
      </FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="10%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Trade<BR></FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>payables</STRONG>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Advances
      from<BR></FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>customers</STRONG>
      </FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Payables</FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Advances
      from<BR></FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>customers</STRONG>
      </FONT></TD>
    <TD vAlign=middle width="1%" align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;<STRONG>Payables</STRONG>
      </FONT></TD>
    <TD vAlign=middle width="1%" align=center></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Nacional Min&#233;rios
      S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,340,497</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="TEXT-INDENT: 19.857pt" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,996</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,351,242</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">7,491</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">MRS Log&#237;stica S.A.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="TEXT-INDENT: 19.857pt" width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,471</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">148</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,201</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">222</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CBSI -
      Companhia Brasileira</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;de Servi&#231;os e
      Infraestrutura </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,343</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,686</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="34%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total at
      9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,340,497</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 19.857pt" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">6,467</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,491</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,351,242</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,692</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,908</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="34%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total at
      12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,270,663</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 19.857pt" bgColor=#f2f2f2 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,966</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">7,085</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,176,658</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">15,845</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10,618</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Profit or loss</FONT></B></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 style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="28%" align=center><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="35%" colSpan=7 align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="35%" colSpan=7 align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent
      Company</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="28%" align=center><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Companies</FONT></B></TD>
    <TD vAlign=middle width="1%" align=center><STRONG><FONT face=Arial></FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="17%" colSpan=3 align=center><STRONG><FONT style="FONT-SIZE: 9pt" face=Arial>Revenues</FONT></STRONG><FONT style="FONT-SIZE: 9pt">
</FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG><FONT face=Arial></FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="17%" colSpan=3 align=center><STRONG><FONT style="FONT-SIZE: 9pt" face=Arial>Expenses</FONT></STRONG><FONT style="FONT-SIZE: 9pt">
</FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG><FONT face=Arial></FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="17%" colSpan=3 align=center><STRONG><FONT style="FONT-SIZE: 9pt" face=Arial>Revenues</FONT></STRONG><FONT style="FONT-SIZE: 9pt">
</FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG><FONT face=Arial></FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="17%" colSpan=3 align=center><STRONG><FONT style="FONT-SIZE: 9pt" face=Arial>Expenses</FONT></STRONG><FONT style="FONT-SIZE: 9pt">
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.061pt" vAlign=middle width="8%" align=center><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sales</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Interest</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Purchases</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Interest</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1.381pt" vAlign=middle width="8%" align=center><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sales</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Interest</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Purchases</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Interest</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>Nacional Min&#233;rios S.A.</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>349,650</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>5,210</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>297,436</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>874,124</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>13,025</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>743,589</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="28%" align=left><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica S.A.</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>162,811</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>243,983</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>CBSI - Companhia
      Brasileira</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;<FONT face=Arial>de
      Servi&#231;os e Infraestrutura</FONT> </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>22,210</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>44,420</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total at
      9/30/2012</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>349,650</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>190,231</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>297,436</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>874,124</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>301,428</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>743,589</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="28%" align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total at
      9/30/2011</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>200,134</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>16,965</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>151,576</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>197,599</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>729,883</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>42,412</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>351,940</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>720,308</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>d)
Other unconsolidated related parties</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CBS Previd&#234;ncia</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Funda&#231;&#227;o CSN</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Banco Fibra</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 51of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_52></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>I) Assets and liabilities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&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 style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle rowSpan=2 width="34%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Companies</FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"> </FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="32%" colSpan=5 align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Assets</FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"> </FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="32%" colSpan=5 align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Liabilities</FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Banks/short-term<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>investments</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Trade<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>receivables</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="1%" align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;<STRONG>Total</STRONG>
      </FONT></TD>
    <TD vAlign=middle width="1%" align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Actuarial<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>liabilities</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Trade<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>payables</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;<STRONG>Total</STRONG>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CBS Previd&#234;ncia (Note
      28)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">11,673</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">7</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">11,680</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Funda&#231;&#227;o CSN</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,829</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,829</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">182</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">182</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Banco Fibra</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">72</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">72</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Usiminas</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,493</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,493</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">124</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">124</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Panatl&#226;ntica</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">25,524</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">25,524</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="34%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total at
      9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">72</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">28,846</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">28,918</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">11,673</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">313</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">11,986</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="34%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total at
      12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">72</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">54,871</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">54,943</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">11,673</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">531</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,204</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii) Profit or loss</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&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=2 width="35%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Companies</FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"> </FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="25%" colSpan=3 align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Revenues</FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"> </FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="38%" colSpan=5 align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Expenses</FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Sales</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.293pt" vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Pension<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>fund<BR></STRONG></FONT><FONT style="FONT-FAMILY: arial"><STRONG>expenses</STRONG> </FONT></FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Purchases/<BR></FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>other<BR></STRONG><STRONG>expenses</STRONG>
      </FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="35%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">CBS Previd&#234;ncia</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=left></TD>
    <TD bgColor=#f8f8f8 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=left></TD>
    <TD bgColor=#f8f8f8 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,218</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=left></TD>
    <TD bgColor=#f8f8f8 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,218</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="35%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Funda&#231;&#227;o CSN</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,211</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,211</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="35%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Usiminas</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&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: 9pt">70,263</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&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: 9pt">70,263</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&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: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,516</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&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: 9pt">1,516</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="35%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Panatl&#226;ntica</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">210,127</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">210,127</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="35%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Ibis Participa&#231;&#245;es e
      Servi&#231;os</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&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: 9pt">&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: 9pt">&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: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">814</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&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: 9pt">814</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Companhia de G&#225;s do
      Cear&#225;</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">987</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">987</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="35%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total at
      9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">280,390</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">280,390</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,218</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,528</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9,746</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="35%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total at
      9/30/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">29,170</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">29,170</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">46,840</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9,369</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">56,209</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 52of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_53></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>e)
Key management personnel</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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 September 30, 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="69%"></TD>
    <TD width="15%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="69%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="69%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">P&amp;L</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">P&amp;L</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="69%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Short-term benefits for
      employees and officers</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,512</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,284</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.292pt" width="69%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Post-employment
      benefits</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">28</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">23</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.292pt" bgColor=#f8f8f8 width="69%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other
      long-term benefits</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">n/a</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">n/a</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.292pt" width="69%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Severance benefits</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">n/a</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">n/a</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.292pt" bgColor=#f8f8f8 width="69%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Share-based
      compensation</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">n/a</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">n/a</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="69%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,540</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,307</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>n/a &#8211; not applicable</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>f)
Policy on investments and payment of interest on capital and dividends
&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>5.</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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CASH AND CASH EQUIVALENTS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="40%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent
      Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Current</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=left></TD>
    <TD bgColor=#f8f8f8 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=left></TD>
    <TD bgColor=#f8f8f8 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=left></TD>
    <TD bgColor=#f8f8f8 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 11.292pt" width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Cash and cash
      equivalents</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 20.292pt" bgColor=#f8f8f8 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Cash and
      banks</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">141,220</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right><B></B></TD>
    <TD bgColor=#f8f8f8 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">101,360</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right><B></B></TD>
    <TD bgColor=#f8f8f8 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">15,332</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right><B></B></TD>
    <TD bgColor=#f8f8f8 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">14,047</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=9><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 11.292pt" bgColor=#f8f8f8 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Short-term
      investments</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=left></TD>
    <TD bgColor=#f8f8f8 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=left></TD>
    <TD bgColor=#f8f8f8 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=left></TD>
    <TD bgColor=#f8f8f8 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 20.292pt" width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">In Brazil:</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 29.292pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Exclusive
      investment funds</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,000,404</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,954,319</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 20.292pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Government bonds</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,042,714</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">646,594</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 29.292pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Private
      securities (*)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,319,063</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,017,019</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">45,719</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">60,363</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,361,777</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,663,613</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,046,123</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,014,682</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 20.292pt" bgColor=#f8f8f8 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Abroad:</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=left></TD>
    <TD bgColor=#f8f8f8 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=left></TD>
    <TD bgColor=#f8f8f8 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=left></TD>
    <TD bgColor=#f8f8f8 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 20.292pt" width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Time deposits</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,050,714</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,652,420</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,845,820</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">44,515</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 11.292pt" bgColor=#f8f8f8 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total
      short-term investments</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">14,412,491</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">15,316,033</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,891,943</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,059,197</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 20.292pt" width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Cash and cash
      equivalents</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">14,553,711</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">15,417,393</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,907,275</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,073,244</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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, for qualified
investors with repurchase agreements backed by government and private 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 Caixa Econ&#244;mica Federal and their assets collateralize
possible losses on investments and transactions carried out. The funds&#8217; unit
holders also guarantee the funds&#8217; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Shareholders&#8217; Equity </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>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: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) &nbsp;&nbsp; Private securities:</FONT></B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> short&#8211;term investments in consolidated amounting to
R$1,319,063 as of September 30, 2012 (R$2,017,019 as of December 31, 2011) and
in Company amounting to R$45,719 and R$60,363, respectively, backed </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>by Bank Certificates of Deposit, which yield pegged to the
Interbank Certificates of Deposit rate (CDI).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 53of 108</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>6.</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;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TRADE RECEIVABLES </FONT></B></P>

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



<TR>

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

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

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

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

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

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

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

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

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

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   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Trade receivables</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.294pt" width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Third parties</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.294pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Domestic market</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,133,680</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">950,388</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">668,184</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">675,297</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.294pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Foreign market</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">534,076</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">701,807</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,837</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,869</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.294pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Estimated losses on doubtful debts</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(109,638)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(124,939)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(86,084)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(101,407)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,558,118</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,527,256</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">594,937</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">578,759</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.294pt" bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Related parties (Note 4 - b and c)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">78,293</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">31,741</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">568,044</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,065,167</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,636,411</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,558,997</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,162,981</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,643,926</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other receivables</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.294pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Dividends receivable (Note 4 - b and c)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">701,953</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">676,242</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.294pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Loans to subsidiaries and jointly controlled entities</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">116,597</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,557</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">72,101</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">163,248</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.294pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other receivables</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">60,315</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">55,652</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">35,159</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">33,384</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">176,912</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">57,209</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">809,213</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">872,874</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,813,323</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,616,206</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,972,194</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,516,800</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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$300,707 as of September 30, 2012 (R$262,367 as of December 31, 2011), less the trade receivables.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt">&nbsp;</P>

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



<TR>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Opening balance</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(124,939)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(117,402)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(101,407)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(99,023)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.294pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Estimated losses on doubtful debts</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(14,944)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(20,005)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(14,802)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(11,628)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.294pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Recovery of receivables</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">30,245</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,468</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">30,125</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9,244</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.294pt" width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Closing balance</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(109,638)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(124,939)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(86,084)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(101,407)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>7.</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;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INVENTORIES&nbsp;</FONT></B></P>

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

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



<TR>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Finished products</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f8f8f8 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,022,446</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f8f8f8 width="1%" align=right></TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">997,128</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f8f8f8 width="1%" align=right></TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">700,385</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f8f8f8 width="1%" align=right></TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">714,688</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.294pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Work in process</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">747,806</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">776,918</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">642,402</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">680,997</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.294pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Raw materials</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">715,780</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">847,598</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">558,131</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">693,155</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.294pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Storeroom supplies</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">971,711</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">897,940</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">773,549</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">724,529</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.294pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Iron ore</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">125,603</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">215,400</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">36,892</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">72,248</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,583,346</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,734,984</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,711,359</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,885,617</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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

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

<P style="TEXT-ALIGN: right">PAGE 54of 108</P>

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

<A name="page_55"></A>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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="85%"></TD>

   <TD width="2%"></TD>

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

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt">&nbsp;</P>

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



<TR>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Opening balance</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(83,145)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(64,115)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(77,814)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(61,702)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Estimated losses on obsolete or slow -moving inventories</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(26,659)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(19,030)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(18,783)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(16,112)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Closing balance</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(109,804)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(83,145)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(96,597)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(77,814)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of September 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: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>8.</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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER CURRENT ASSETS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt">&nbsp;</P>

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



<TR>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT><B></B><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.36pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Unrealized gains on derivatives (Note 15 I)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,000</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">55,115</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.36pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Guarantee margin on derivatives (Note 15 V)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">415,211</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">407,467</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.849pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Prepaid expenses</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">41,911</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">24,135</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">15,184</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10,834</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.849pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Recoverable taxes (*)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">535,009</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">689,006</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">279,551</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">400,458</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">80,346</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,074,477</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,175,723</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">294,735</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">411,292</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>9.</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;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INCOME TAX AND SOCIAL CONTRIBUTION </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 0cm 0cm 0pt">&nbsp;</P>

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



<TR>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="59%" colSpan=7 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#333333>Nine-month period ended</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B><FONT color=#333333></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#333333>Three-month period ended</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Income tax and social contribution income/(expenses)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.924pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Current</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(200,490)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(131,279)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(91,453)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(21,032)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.924pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Deferred</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">926,424</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(171,180)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">89,883</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">122,973</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">725,934</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(302,459)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,570)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">101,941</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

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

<TR>

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

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="59%" colSpan=7 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#333333>Nine-month period ended</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B><FONT color=#333333></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#333333>Three-month period ended</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Income tax and social contribution income/(expenses)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.924pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Current</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">17,890</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.924pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Deferred</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,072,463</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(13,146)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">142,799</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">178,262</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,072,463</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(13,146)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">142,799</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">196,152</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 55of 108</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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="85%"></TD>

   <TD width="2%"></TD>

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

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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>

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

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



<TR>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="59%" colSpan=7 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#333333>Nine-month period ended</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B><FONT color=#333333></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#333333>Three-month period ended</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Profit before income tax and social contribution</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,522,645)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,152,546</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">160,665</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">995,289</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Tax rates</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">34%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">34%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">34%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">34%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.937pt" bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Income tax and social contribution at combined statutory rate</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">517,699</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,071,866)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(54,626)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(338,398)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.937pt" width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Adjustment to reflect effective rate:</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Interest on capital benefit</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">118,653</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">37,741</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(74,352)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Income subject to special tax rates or untaxed</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">402,528</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">946,703</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,399</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">516,438</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Tax incentives</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,905</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">14,510</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,388</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,131</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Adjustments arising from Law 11,941 and MP 470 installment plans</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(19,630)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(35,934)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Sale of nondeductible securities</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(186,700)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(217)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Tax loss carryforw ards w ithout recognizing deferred taxes</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(52,536)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,703</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Impairment of available-for-sale security</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(264,441)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other permanent deductions (additions)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,126</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">14,524</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10,825</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">22,273</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.937pt" bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Income tax and social contribution in profit (loss) for the period</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">725,934</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(302,459)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,570)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">101,941</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.937pt" width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Effective tax rate</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">-48%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">-1%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">-10%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

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

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="59%" colSpan=7 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#333333>Nine-month period ended</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B><FONT color=#333333></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#333333>Three-month period ended</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.937pt" bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Profit before income tax and social contribution</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,824,415)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,887,336</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">26,915</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">922,035</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Tax rates</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">34%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">34%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">34%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">34%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.937pt" bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Income tax and social contribution at combined statutory rate</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">620,301</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(981,694)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(9,151)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(313,492)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.937pt" width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Adjustment to reflect effective rate:</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Interest on capital benefit</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">118,653</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">37,741</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(74,352)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Share of profits of investees</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">293,500</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,080,514</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">122,664</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">555,696</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Tax incentives</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">14,510</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,855</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Adjustments arising from Law 11,941 and MP 470 installment plans</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(16,088)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(32,176)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Sale of nondeductible securities</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(123,053)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">23,875</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other permanent deductions (additions)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">40,009</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,665</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(8,455)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">23,746</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.937pt" bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Income tax and social contribution in profit (loss) for the period</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,072,463</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(13,146)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">142,799</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">196,152</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.937pt" width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Effective tax rate</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">-59%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">0.5%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">531%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">-21%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: right">PAGE 56of 108</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><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: 0cm 0cm 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: 0cm 0cm 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. They are presented at net amounts when related a sole jurisdiction.</FONT></P>

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

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



<TR>

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

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

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

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

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

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

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

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

   <TD width="14%" align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Deferred tax assets</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.145pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Income tax loss carryforwards</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">798,639</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">425,406</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">642,924</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">392,991</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.145pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Social contribution loss carryforwards</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">231,793</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">157,858</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">231,793</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">141,445</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.145pt" width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Temporary differences</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,389,497</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,257,509</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,145,450</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">766,214</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.88pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">- Provision for tax, social security, labor and civil risks</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">274,006</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">211,835</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">272,253</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">200,225</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.88pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">- Allowance for asset impairment losses</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">46,399</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">60,930</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">28,296</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">24,544</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.88pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">- Allowance for inventory losses</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">61,380</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">30,814</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">40,836</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">28,048</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.88pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">- Gains/losses on financial instruments</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">267,328</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">253,985</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">267,328</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">192,226</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.88pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">- Accrued pension plan payments</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">144,066</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">144,066</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">144,297</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">144,297</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.88pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">- Provision for interest on capital</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">118,713</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">74</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">118,713</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">74</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.88pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">- Accrued supplies and services</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">72,702</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">67,445</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">60,070</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">64,689</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.88pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">- Estimated losses on doubtful debts</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">30,087</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">45,342</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">29,219</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">41,854</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.88pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">- Goodwill on merger</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">118,483</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">371,153</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">13,375</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">23,406</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.88pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">- Unrealized exchange differences (*)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">139,341</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">134,205</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.88pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">- Other</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">116,992</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">71,865</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">36,858</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">46,851</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.145pt" width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Non-current assets</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,419,929</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,840,773</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,020,167</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,300,650</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.265pt" bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Deferred tax liabilities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.88pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">- Business combination</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">126,348</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">17,960</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.88pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">- Other</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">40,767</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">19,891</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.145pt" width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Non-current liabilities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">167,115</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">37,851</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Certain CSN subsidiaries have tax assets amounting to R$842,480 and R$275,868, related to income tax and social contribution loss carryforwards, for which no deferred taxes were set up, of which R$10,432 expire in 2013, R$747 in 2014, R$30,007 in 2015, and R$47,780 in 2025. 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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 September 30, 2012 a total amount of R$881,918 (R$672,732 up to 2011) had been realized, leaving a remaining amount of R$510,347, which will be realized through 2014. The realization will amount to R$69,593 from October to December 2012, R$278,372 in 2013 and R$162,382 in 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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$7,981,216 as of September 30, 2012 (R$8,033,902 as of December 31, 2011).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 57of 108</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income tax and social contribution recognized in Shareholders&#8217; Equity:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The income tax and social contribution recognized directly in Shareholders&#8217; Equity are as follows:</FONT></P>

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

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



<TR>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#333333>Parent Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Income tax and social contribution</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.836pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Actuarial gains on defined benefit pension plan</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">54,714</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">54,714</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">54,651</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">54,651</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.836pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Changes in the fair value on available-for-sale financial assets</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(173,886)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">241,484</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(173,886)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">179,725</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.836pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Exchange differences on translating foreign operations</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(425,510)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(425,510)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(425,510)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(425,510)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(d)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Tax incentives </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company enjoys Income Tax incentives based on the legislation in effect, such as: &nbsp;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. &nbsp;As of September 30, 2012, these tax incentives total R$3,509 (R$1,914 as of December 31, 2011). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>10.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER NON-CURRENT ASSETS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt">&nbsp;</P>

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



<TR>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Judicial deposits (Note 18)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">982,830</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">954,711</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">916,433</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">877,672</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Credits w ith the PGFN (*) (Note 17)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">826,499</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">806,103</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">826,499</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">806,103</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Recoverable taxes (**)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">268,741</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">257,977</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">107,690</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">101,859</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Prepaid expenses</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">102,732</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">115,853</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">22,448</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">24,560</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Unrealized gains on derivatives (Note 15 I)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">396,431</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">376,344</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">388,577</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">374,455</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Iron ore inventories</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">144,483</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">144,483</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">144,483</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">144,483</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Northeast Investment Fund - FINOR</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9,914</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">47,754</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,452</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">46,292</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Loans w ith jointly controlled entities</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">125,085</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">115,549</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">28,770</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">47,452</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">28,507</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">40,818</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,885,485</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,866,226</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,443,089</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,416,242</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 58of 108</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

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

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INVESTMENTS&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Direct equity interests in subsidiaries and jointly controlled entities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><SUB><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></SUB>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>

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



<TR>

   <TD width="16%"></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="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="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 height=20>

   <TD vAlign=middle width="16%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="48%" colSpan=13 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>9/30/2012</STRONG><FONT size=3 face="Times New Roman"> </FONT></FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>9/30/2011</STRONG><FONT size=3 face="Times New Roman"> </FONT></FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="27%" colSpan=7 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>12/31/2011</STRONG><FONT size=3 face="Times New Roman"> </FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle rowSpan=2 width="16%" align=center><STRONG><FONT size=1 face=Arial>Companies</FONT></STRONG></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8.639pt" vAlign=middle width="13%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Number of shares<BR></FONT></B><STRONG><FONT size=1 face=Arial>(in units)</FONT></STRONG></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6pt" vAlign=middle rowSpan=2 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%<BR></FONT></B><STRONG><FONT size=1 face=Arial>Direct<BR></FONT></STRONG><STRONG><FONT size=1 face=Arial>interest</FONT></STRONG></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1.08pt" vAlign=middle rowSpan=2 width="6%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Profit<BR></STRONG><STRONG>(loss)<BR></STRONG></FONT><STRONG><FONT size=1 face=Arial>for the<BR></FONT><FONT size=1 face=Arial>period</FONT></STRONG></TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="6%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="6%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="6%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="6%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Profit<BR></STRONG><STRONG>(loss)<BR></STRONG></FONT><STRONG><FONT size=1 face=Arial>for the<BR></FONT></STRONG><STRONG><FONT size=1 face=Arial>period</FONT></STRONG></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8.639pt" vAlign=middle rowSpan=2 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%<BR></FONT></B><STRONG><FONT size=1 face=Arial>Direct<BR></FONT></STRONG><STRONG><FONT size=1 face=Arial>interest</FONT></STRONG></TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="6%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="6%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="6%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Common</FONT></STRONG></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><STRONG><FONT size=1 face=Arial>Preferred</FONT></STRONG></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><STRONG><FONT size=1 face=Arial>Assets</FONT></STRONG></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><STRONG><FONT size=1 face=Arial>Liabilities</FONT></STRONG></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><STRONG><FONT size=1 face=Arial>Equity</FONT></STRONG></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Assets</FONT></STRONG></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><STRONG><FONT size=1 face=Arial>Liabilities</FONT></STRONG></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><STRONG><FONT size=1 face=Arial>Equity</FONT></STRONG></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands VII Corp.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,001,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(72,451)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,033,368</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,080,353</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(46,985)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>497</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>407,707</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>382,240</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,467</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands VIII Corp.</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,501,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,579,569</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,536,332</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,237</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,615)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,452,511</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,409,311</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands IX Corp.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(78)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>829,862</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>828,681</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,181</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,505</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>786,167</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>784,908</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,259</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands X Corp.</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,966)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44,801</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(44,743)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,569)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,847</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(40,777)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands XI Corp.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>271</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,530,654</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,523,857</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,797</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,368</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,438,225</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,431,699</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,526</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands XII Corp.</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,540</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(105,967)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,784,769</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,029,867</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(245,098)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(85,764)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,735,094</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,874,226</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(139,132)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tangua Inc.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,794</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,451</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,983</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,983</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>International Investment Fund</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,107)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>98</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>98</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,610</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,565</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,265</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Minerals S.L.U.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>131,649,926</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>808,388</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,712,545</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>370</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,712,175</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,478,843</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,906,449</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,666</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,903,783</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Export Europe, S.L.U.</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35,924,748</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70,733</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>773,738</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>293</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>773,445</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>329,341</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>802,447</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99,735</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>702,712</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Metals S.L.U.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>256,951,582</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>97,318</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,238,761</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>98</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,238,663</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>145,269</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,147,456</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,682</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,140,774</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Americas S.L.U.</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>151,877,946</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>270,681</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,669,792</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,454</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,659,338</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>476,156</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,394,255</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,598</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,388,657</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Steel S.L.U.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>454,072,527</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(87,037)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,359,838</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>353,532</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,006,306</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>386,143</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,042,029</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>268,566</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,773,463</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sepetiba Tecon S.A.</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,015,053</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,282</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>257,649</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,285</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>221,364</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,235</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>224,793</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,711</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>198,082</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Minera&#231;&#227;o Nacional S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,136</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>82</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,054</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>62</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,090</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,067</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN A&#231;os Longos S. A.(*)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(334)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Florestal Nacional S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,474,625</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(452,685)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>301,018</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>739,894</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(438,876)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(51,638)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>386,218</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>681,574</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(295,356)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Estanho de Rond&#244;nia S.A.</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,236,307</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>232</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44,818</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,812</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,006</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,993</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,692</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,918</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,774</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cia Metalic Nordeste</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>92,293,156</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,789</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160,944</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,820</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>119,124</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,951</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>156,915</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,579</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,336</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia Metal&#250;rgica Prada</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,877,929</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(221,228)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>664,605</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>533,413</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>131,192</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>204,095</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>527,885</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>276,475</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>251,410</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Cimentos S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,734,582,665</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(310,973)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,090,777</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>126,794</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>963,983</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,784)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,221,115</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>157,207</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,063,908</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>INAL Nordeste S. A.(*)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,595)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Congonhas Min&#233;rios S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>64,610,863</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,660)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,033,272</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,053,130</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(19,858)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,788)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,014,364</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,015,562</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,198)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Energia S.A.</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,150</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,188)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,715</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,661</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,054</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,240)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,042</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,800</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,242</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="17%" colSpan=2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transnordestina Log&#237;stica S.A. </FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right>&nbsp;<FONT size=1 face=Arial>2,385,343,749</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>819,318,354</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76.13</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(41,855)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,018,507</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,077,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,941,507</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(39,913)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70.91</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,076,080</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,516,299</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,559,781</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nacional Min&#233;rios S.A.</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>475,067,405</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,312,618</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,507,628</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,021,925</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,485,703</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,707,976</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,857,646</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,684,561</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,173,085</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>It&#225; Energ&#233;tica S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>520,219,172</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48.75</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57,378</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>796,297</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>113,436</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>682,861</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46,261</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48.75</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>801,335</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>162,812</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>638,523</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>188,332,687</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>151,667,313</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27.27</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>333,901</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,211,957</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,704,447</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,507,510</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>402,493</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27.27</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,542,786</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,243,844</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,298,942</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CBSI - Companhia Brasileira</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,752,292</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,312)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,817</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,380</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,437</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>de Servi&#231;os de Infraestrutura</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Arvedi Metalfer do Brasil</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77,032,041</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20.00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,419)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>107,198</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37,947</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69,251</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><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: 0cm 0cm 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: 0cm 0cm 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 Shareholders&#8217; 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: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Changes in investments in associates, subsidiaries and jointly controlled entities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

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



<TR>

   <TD width="68%"></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Opening balance of investments</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">22,573,890</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">17,023,295</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.292pt" width="68%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Opening balance of impairment loss allowance</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(476,463)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(140,875)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.292pt" bgColor=#f2f2f2 width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Capital increase/acquisition of shares</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">608,794</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,240,582</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.292pt" width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Capital reduction</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,855,208)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="15%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.292pt" bgColor=#f2f2f2 width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Dividends</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(54,251)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(853,316)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.292pt" width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Share of profits (losses) of investees</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">848,798</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,397,137</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.292pt" bgColor=#f2f2f2 width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Comprehensive income (*)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">531,288</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,281,507)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.292pt" width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Merger of subsidiary (**)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(290,789)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.292pt" bgColor=#f2f2f2 width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(333)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,900</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.292pt" width="68%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Closing balance of investments</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">22,972,075</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">22,573,890</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.292pt" bgColor=#f2f2f2 width="68%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Closing balance of impairment loss allow ance</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(795,560)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(476,463)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><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: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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></DIV>

<P style="TEXT-ALIGN: right">PAGE 59of 108</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_60></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><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="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
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    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
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    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><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: 0cm"><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: 0cm"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 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; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SEPETIBA TECON </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 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; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ESTANHO DE ROND&#212;NIA - ERSA</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 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; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CIA. METALIC NORDESTE</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Headquartered in Maracana&#250;, State of Cear&#225;, it is engaged
in manufacturing metallic 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 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; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>COMPANHIA METAL&#218;RGICA PRADA </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Steel
containers</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Distribution</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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, pipes, 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 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; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN CIMENTOS </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 60of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_61></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 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; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN ENERGIA </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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;
</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>TRANSNORDESTINA LOG&#205;STICA</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of September 30, 2012, CSN held 76.13% of the Company&#8217;s
share capital.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>d)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Investments in jointly controlled entities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&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><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" colSpan=5 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" colSpan=5 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="34%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;<STRONG>Balance
      sheet</STRONG> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Nacional<BR></FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Min&#233;rios (*)
</FONT></STRONG></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">It&#225;<BR>Energ&#233;tica</FONT></STRONG></FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">MRS<BR></FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>Log&#237;stica</STRONG>
      </FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Nacional<BR></FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Min&#233;rios (*)</FONT></STRONG></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.32pt" vAlign=middle width="10%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">It&#225;<BR></FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Energ&#233;tica</FONT></STRONG></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">MRS<BR></FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>Log&#237;stica</STRONG>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Current assets</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,967,174</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">86,549</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,210,557</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,155,543</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">81,729</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">917,291</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Non-current assets</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9,506,342</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">709,748</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,001,400</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9,526,804</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">719,606</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,625,495</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8.488pt" bgColor=#f8f8f8 width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Long-term
      receivables</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,300,534</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">60,425</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">353,976</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,422,434</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">44,239</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">336,439</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8.639pt" width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Investments, PP&amp;E and
      intangible assets</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,205,808</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">649,323</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,647,424</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,104,370</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">675,367</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,289,056</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="34%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total assets</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">15,473,516</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">796,297</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">6,211,957</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">13,682,347</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">801,335</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,542,786</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=13><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Current liabilities</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,722,335</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">90,432</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,168,499</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,260,068</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">100,175</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,108,938</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Non-current
      liabilities</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">344,493</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">23,004</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,535,948</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">307,352</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">62,637</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,134,906</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Equity</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">13,406,688</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">682,861</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,507,510</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,114,927</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">638,523</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,298,942</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="34%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total liabilities and
      equity</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">15,473,516</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">796,297</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">6,211,957</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">13,682,347</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">801,335</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,542,786</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt">&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 vAlign=middle width="34%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="32%" colSpan=5 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="32%" colSpan=5 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0pt" vAlign=middle width="34%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Income statements</FONT></B></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>Nacional<BR>Min&#233;rios
      (*) </STRONG></FONT></FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">It&#225;<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>Energ&#233;tica</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">MRS<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>Log&#237;stica</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>Nacional<BR>Min&#233;rios
      (*) </STRONG></FONT></FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">It&#225;<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>Energ&#233;tica</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">MRS<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>Log&#237;stica</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Net revenue</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,741,562</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">175,987</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,243,575</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,912,711</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">180,760</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,121,954</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.559pt" width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Cost of sales and
      services</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,979,785)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(49,784)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,481,348)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,596,345)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(60,362)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,261,721)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Gross profit</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">761,777</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">126,203</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">762,227</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,316,366</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">120,398</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">860,233</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.559pt" width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Operating (expenses)
      income</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(263,056)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(37,896)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(181,790)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(57,022)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(40,530)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(132,824)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.559pt" bgColor=#f2f2f2 width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Finance income
      (costs), net</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,076,095</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,593)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(73,315)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">764,961</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(9,774)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(111,303)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Profit before income tax and
      social contribution</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,574,816</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">86,714</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">507,122</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,024,305</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">70,094</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">616,106</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.559pt" bgColor=#f2f2f2 width="34%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Current and
      deferred income tax and social contribution</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(283,054)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(29,336)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(173,221)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(316,329)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(23,833)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(213,613)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="34%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Profit for the
      period</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,291,762</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">57,378</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">333,901</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,707,976</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">46,261</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">402,493</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 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; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>NACIONAL MIN&#201;RIOS &#8211; NAMISA</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 61of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_62></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 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; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: &nbsp;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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 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; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS LOG&#205;STICA </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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, &nbsp;- located between the
cities of Rio de Janeiro, S&#227;o Paulo and Belo Horizonte, previously belonging to
Rede Ferrovi&#225;ria Federal S.A.- RFFSA, which was privatized on September 20,
1996. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In 2008 CSN transferred to 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>CONS&#211;RCIO DA USINA HIDREL&#201;TRICA DE IGARAPAVA</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
balance of property, plant and equipment less depreciation as of September 30,
2012 is R$30,876 (R$31,751 as of December 31, 2011) and the amount of the
expense attributable to CSN is R$4,704 (R$4,346 as at December 31,
2011).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><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: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>COMPANHIA BRASILEIRA DE SERVI&#199;OS DE
INFRAESTRUTURA</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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="LINE-HEIGHT: 116%; 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="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#1f497d face=arial,sans-serif>&nbsp;&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>e)</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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Additional information on indirect interests held
abroad</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><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; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=PT-BR face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 62of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_63></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>LUSOSIDER&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Incorporated in 1996 in succession to Siderurgia Nacional
&#8211; a company privatized by the Portuguese government that year, Lusosider is the
only Portuguese steel company to produce cold-re-rolled flat steel, with a
corrosion-resistant coating. The company provides in Paio Pires an installed
capacity of around 550,000 metric tons per year to produce four large groups of
steel products: &nbsp;galvanized plate, cold-rolled plate, pickled and oiled
plate. &nbsp;Products manufactured by Lusosider may be used in the containers
industry, civil construction (pipes and metallic structures), and in home
appliance components.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>STAHLWERK TH&#220;RINGEN GMBH (SWT)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>f)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other
investments</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 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; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>RIVERSDALE MINING LIMITED - Riversdale&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 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; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PANATL&#194;NTICA&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 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; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>USIMINAS&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Usinas Sider&#250;rgicas de Minas Gerais S.A. &#8211; USIMINAS
(&#8220;USIMINAS&#8221;), 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>USIMINAS is listed on the S&#227;o Paulo Stock Exchange
(&#8220;BM&amp;F BOVESPA&#8221;: &nbsp;USIM3 and USIM5).</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 63of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_64></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 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; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ARVEDI METALFER DO BRASIL </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On
July 31, 2012, the Company acquired a non-controlling interest corresponding to
20% of the capital of Arvedi Metalfer do Brasil Ltda., company in preoperating
stage focused on the production of pipes, headquartered in Salto, State of S&#227;o
Paulo.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
breakdown of consolidated investments is as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="68%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Panatl&#226;ntica</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">11,677</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,030</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Usiminas</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,894,844</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,077,277</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Arvedi Metalfer do
      Brasil</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">13,850</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,912</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,082)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,923,283</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,088,225</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><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: 0cm 0cm 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 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="69%" colSpan=13 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Land</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Buildings</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Mach.,
      equip.<BR></FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>and facilities</STRONG>
      </FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0pt" vAlign=middle width="9%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Furniture<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>and<BR></STRONG></FONT><FONT style="FONT-FAMILY: arial"></FONT></FONT><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">fixtures</FONT></STRONG></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Constructio</FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><STRONG>n
      in<BR></STRONG><STRONG>progress</STRONG> </FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other
      (*)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 12.678pt" vAlign=middle width="9%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="30%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Balance at December 31,
      2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">194,584</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,455,120</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">7,624,955</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">33,402</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">7,056,319</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,012,696</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">17,377,076</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 6.959pt" width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Effect of foreign exchange
      differences</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,414</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10,640</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">85,223</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">512</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">220</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,152</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">102,161</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 6.959pt" bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Acquisition
      through business combination</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">22,814</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">85,578</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">837,363</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,909</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,080</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,087</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">963,831</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 6.959pt" width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Acquisitions</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,355,702</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,355,702</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 6.959pt" bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Capitalized
      interest (Notes 25 and 32)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">297,471</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">297,471</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 6.959pt" width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Write-offs</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,375)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(135)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(6,697)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(155)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(746)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(420)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(9,528)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8.718pt" bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Depreciation</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(45,090)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(774,086)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(4,478)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(56,812)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(880,466)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 6.959pt" width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Allow ance for loss on asset
      disposal</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(6,676)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(6,676)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8.718pt" bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Transfers to
      other asset categories</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">7,687</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">74,410</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">871,001</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">6,571</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(776,820)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(182,849)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8.718pt" width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Transfers to intangible
      assets</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,519</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,592</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">20</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(9,940)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(788)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(5,597)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 6.959pt" bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(40,516)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,239</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,430</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(29,847)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="30%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Balance at September 30,
      2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">227,124</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,584,042</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,598,835</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">40,781</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,931,525</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">781,820</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">20,164,127</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent
      Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Land</FONT></B></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Buildings</FONT></B></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Mach.,
      equip.<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">and
    facilities</FONT></STRONG></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0pt" vAlign=middle width="9%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Furniture<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>and<BR></STRONG></FONT><FONT style="FONT-FAMILY: arial"></FONT></FONT><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">fixtures</FONT></STRONG></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Construction<BR>in
      progress</FONT></STRONG></FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other
      (*)</FONT></B></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="30%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Balance at December 31,
      2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">102,673</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">804,309</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,845,184</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">25,313</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,140,332</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">330,034</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10,247,845</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.08pt" width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Acquisitions</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,560,354</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,560,354</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8.896pt" bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Capitalized
      interest (Notes 25 and 32)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">207,450</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">207,450</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.08pt" width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Write-offs</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(3,605)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(12)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(3,617)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.08pt" bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Depreciation</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(22,008)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(643,695)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(3,394)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(9,564)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(678,661)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.08pt" width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Transfers to other asset
      categories</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,669</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">148,008</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">741,318</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,614</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(701,704)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(194,905)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8.896pt" bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Transfers to
      intangible assets</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(836)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(836)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.08pt" width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(40,661)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,262</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,878</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(23,521)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="30%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Balance at September 30,
      2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">105,342</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">930,309</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,898,541</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">26,521</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,213,858</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">134,443</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">11,309,014</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#1f497d face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 64of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_65></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="59%"></TD>
    <TD width="2%"></TD>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle width="59%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="59%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Project
      objective</FONT></STRONG></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.6pt; BORDER-TOP: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Start<BR>date</FONT></B></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.799pt; BORDER-TOP: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Completion<BR></FONT><FONT style="FONT-SIZE: 9pt"></FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 9pt">date</FONT></FONT></STRONG></FONT></TD>
    <TD vAlign=middle width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="8%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></STRONG></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="8%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD width="59%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Logistics</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 74.186pt" bgColor=#f2f2f2 width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Expansion of
      Transnordestina railroad by 1,728 km to boost the</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 70.559pt" bgColor=#f2f2f2 width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">transportation
      of varied products as iron ore, limestone, soybeans, cotton,</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 0.6pt" bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2009</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2014</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,412,356</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,489,871</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 70.559pt" bgColor=#f2f2f2 width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">sugarcane,
      fertilizers, oil and fuels.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 74.186pt" width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Expansion of MRS's capacity and
      current investments for maintenance of</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">226,966</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">290,410</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 70.559pt" width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">current operations.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 74.186pt" bgColor=#f2f2f2 width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Current
      investments for maintenance of current operations.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">26,711</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">15,479</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,666,033</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,795,760</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 1.813pt" bgColor=#f2f2f2 width="59%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Mining</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 74.186pt" width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Expansion of Casa de Pedra Mine
      capacity production to 42 Mtpa.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 0.6pt" width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2007</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2012/13</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,533,975</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,322,433</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 74.186pt" bgColor=#f2f2f2 width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Expansion of
      TECAR to permit an annual exportation of 60 Mtpa.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 0.6pt" bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2009</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2013</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">630,418</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">425,134</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 74.186pt" width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Expansion of Namisa capacity
      production to 39 Mtpa.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 0.6pt" width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2008</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2015/16</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">120,617</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">137,059</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 74.186pt" bgColor=#f2f2f2 width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Current
      investments for maintenance of current operations.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">11,998</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">46,421</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,297,008</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,931,047</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 1.813pt" bgColor=#f2f2f2 width="59%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Steel</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 74.186pt" width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Implementation of the long
      steel mill in the states of Rio de Janeiro, Minas</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(2)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 0.6pt" width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2008</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2013</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,319,647</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">907,521</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 70.559pt" width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Gerais and S&#227;o Paulo for
      production of rebar and w ire rod.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 74.186pt" bgColor=#f2f2f2 width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Current
      investments for maintenance of current operations.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">412,841</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">256,718</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,732,488</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,164,239</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="59%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Cement</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 74.186pt" width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Construction of cement plants
      in the Northeast, South, and in Arcos, MG.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 0.6pt" width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2011</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2013</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(3)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">177,551</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">132,986</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 74.186pt" bgColor=#f2f2f2 width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Construction
      of clinker plant in Arcos, MG</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 0.6pt" bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2007</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2012</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(4)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">37,798</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">27,536</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 74.186pt" width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Current investments for
      maintenance of current operations.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">20,647</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,751</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="59%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">235,996</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">165,273</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 1.813pt" width="59%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total construction in
      progress</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,931,525</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">7,056,319</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -14.2pt; MARGIN: 0cm 0cm 0cm 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; </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: 0cm 0cm 0cm 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; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expected date for completion of the Rio de Janeiro
unit</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 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; </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: 0cm 0cm 0cm 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; </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: &nbsp;second half of 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt"><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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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$222,174 as of September 30, 2012 (R$483,783 as of September 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="68%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent
      Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Buildings</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">46</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">44</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.294pt" width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Machinery, equipment and
      facilities</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">13</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">13</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.294pt" bgColor=#f2f2f2 width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Furniture and
      fixtures</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.294pt" width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">34</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">13</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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; </FONT></B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of September 30, 2012, the Company capitalized
borrowing costs amounting to R$297,471 (R$257,965 as of September 30, 2011) in
consolidated and R$207,450 (R$185,221 as of September 30, 2011) in Company.
These costs are basically estimated for mining, cement, long steel and
Transnordestina projects, mainly relating to:</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>(i) Casa de Pedra Mine expansion; (ii)
construction of the cement plant in Volta Redonda, RJ, and the clinker plant in
the city of Arcos, MG; (iii) construction of the long steel mill in the city of
Volta Redonda, RJ; and (iv) extension of Transnordestina railroad, which will
connect the countryside of the northeast region to the Suape, State of
Pernambuco, and Pec&#233;m, State of Cear&#225;, ports (See notes 25 and 32).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 65of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_66></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="25%"></TD>
    <TD width="24%"></TD>
    <TD width="2%"></TD>
    <TD width="25%"></TD>
    <TD width="24%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="49%" colSpan=2 align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="2%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="49%" colSpan=2 align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 16.559pt" vAlign=middle width="49%" colSpan=2 align=center><STRONG><FONT style="FONT-SIZE: 9pt" face=Arial>Rates</FONT></STRONG><FONT style="FONT-SIZE: 9pt"> </FONT></TD>
    <TD vAlign=middle width="2%" align=center><STRONG><FONT face=Arial></FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 16.439pt" vAlign=middle width="49%" colSpan=2 align=center><STRONG><FONT style="FONT-SIZE: 9pt" face=Arial>Rates</FONT></STRONG><FONT style="FONT-SIZE: 9pt"> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0pt; BORDER-RIGHT: #000000 1px solid" vAlign=middle width="25%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG><FONT style="FONT-SIZE: 9pt">Spec&#237;fic<BR></FONT><FONT style="FONT-SIZE: 9pt">projects</FONT></STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="24%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG><FONT style="FONT-SIZE: 9pt">Non-specific<BR></FONT><FONT style="FONT-SIZE: 9pt">projects</FONT></STRONG></FONT></TD>
    <TD vAlign=middle width="2%" align=center><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0pt; BORDER-RIGHT: #000000 1px solid" vAlign=middle width="25%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG><FONT style="FONT-SIZE: 9pt">Spec&#237;fic<BR></FONT><FONT style="FONT-SIZE: 9pt">projects</FONT></STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="24%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG><FONT style="FONT-SIZE: 9pt">Non-specific<BR></FONT><FONT style="FONT-SIZE: 9pt">projects</FONT></STRONG></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="25%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>TJLP + 1.3% to 3.2%<BR>UM006 +
      2.7%</FONT></TD>
    <TD bgColor=#f2f2f2 vAlign=middle width="24%" align=center><FONT style="FONT-SIZE: 9pt">&nbsp;<FONT face=Arial>8.99%</FONT> </FONT></TD>
    <TD bgColor=#f2f2f2 vAlign=middle width="2%" align=center></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="25%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>TJLP + 1.3% to
      3.2%<BR></FONT><FONT style="FONT-SIZE: 9pt"><FONT face=Arial>UM006 +
      2.7%</FONT> </FONT></TD>
    <TD bgColor=#f2f2f2 vAlign=middle width="24%" align=center><FONT style="FONT-SIZE: 9pt">&nbsp;<FONT face=Arial>11.75%</FONT></FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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; </FONT></B><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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="40%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="59%" colSpan=7 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="29%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#333333>Nine-month period ended</FONT></B></TD>
    <TD vAlign=middle width="1%" align=center><B><FONT color=#333333></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="29%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#333333>Three-month period ended</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Production cost</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">852,219</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">650,521</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">293,927</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">213,002</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.293pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Selling expenses</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">6,012</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,333</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,990</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,791</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.293pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">General and
      administrative expenses</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">21,405</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">22,113</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">7,687</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">6,932</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">879,636</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">677,967</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">303,604</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">221,725</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.293pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other
      operating expenses</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10,388</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">14,947</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,989</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,764</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">890,024</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">692,914</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">307,593</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">225,489</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=9><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=9><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="59%" colSpan=7 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="29%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#333333>Nine-month period ended</FONT></B></TD>
    <TD vAlign=middle width="1%" align=center><B><FONT color=#333333></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="29%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#333333>Three-month period ended</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Production cost</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">661,502</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">528,039</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">225,022</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">169,070</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.293pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Selling expenses</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,629</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,028</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,550</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,354</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.293pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">General and
      administrative expenses</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">6,238</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,327</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,307</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,891</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">672,369</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">537,394</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">228,879</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">172,315</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.293pt" bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other
      operating expenses</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9,436</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">14,413</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,703</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,709</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">681,805</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">551,807</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">232,582</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">176,024</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm; MARGIN: 0cm"><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; </FONT></B><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: 0cm"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of September 30, 2012 the net property, plant and
equipment of Casa de Pedra was R$2,840,861 (R$2,485,077 as of December 31,
2011), represented mainly by construction in progress amounting to R$1,533,975
(R$1,322,433 as of December 31, 2011). </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 66of 108</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_67></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><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: 0cm 0cm 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 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" colSpan=7 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=5 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent
      Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Goodwill</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Software</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Goodwill</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Software</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="30%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Balance at December 31,
      2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">567,406</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">32,089</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,879</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">603,374</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">13,091</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,101</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">21,192</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 9.629pt" width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Effect of foreign exchange
      differences</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">26,333</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">84</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">134</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">26,551</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 9.629pt" bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Acquisitions
      through business combination (*)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">191,507</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">191,507</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 9.629pt" width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Acquisitions and
      expenditures</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">201</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">472</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">673</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 9.629pt" bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Transfer of
      property, plant and equipment</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,507</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">90</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,597</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">836</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">836</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 9.629pt" width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Amortization</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(9,418)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(140)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(9,558)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(3,144)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(3,144)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 9.629pt" bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other
      movements</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">148</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">148</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 1.949pt" width="30%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Balance at September 30,
      2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">785,246</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">28,611</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,435</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">818,292</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">13,091</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,793</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">18,884</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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 (see note 3).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="66%"></TD>
    <TD width="2%"></TD>
    <TD width="15%"></TD>
    <TD width="2%"></TD>
    <TD width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="66%" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=right></TD>
    <TD width="15%" align=right></TD>
    <TD width="2%" align=right></TD>
    <TD width="15%" align=center></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="66%" align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Goodwill on
      investments</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=center><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG><FONT style="FONT-SIZE: 9pt">Balance at</FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT face="Times New Roman">
      </FONT><STRONG>9/30/2012</STRONG></FONT></FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=center><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><FONT style="FONT-SIZE: 9pt">&nbsp;<STRONG><FONT face=Arial>Investor</FONT></STRONG> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.292pt" bgColor=#f2f2f2 width="66%" align=left><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>Flat steel</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>13,091</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>CSN</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.292pt" width="66%" align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Subtotal Parent
      Company</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="15%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,091</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.292pt" bgColor=#f2f2f2 width="66%" align=left><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>Mining</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>347,098</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>Namisa</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.292pt" width="66%" align=left><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>Containers
      (*)</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>207,217</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>CSN</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.292pt" bgColor=#f2f2f2 width="66%" align=left><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>Long steel</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>191,507</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="2%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-SIZE: 9pt" face=ArialMT,Arial,Helvetica,sans-serif>CSN Steel S.L.</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.292pt" width="66%" align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total
      consolidated</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>758,913</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="2%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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) Containers
is presented net of an impairment loss recorded in 2011 amounting to
R$60,861.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 67of 108</P>
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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><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>

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   <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" colSpan=9 align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" colSpan=8 align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B><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="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" colSpan=3 align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current liabilities</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" colSpan=3 align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current liabilities</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" colSpan=3 align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current liabilities</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" colSpan=3 align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current liabilities</FONT></B><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="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Rates in (%)</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Rates in (%)</FONT></B><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=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.8pt" bgColor=#f2f2f2 width="19%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>FOREIGN CURRENCY</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="12%" 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></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.18pt" width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Prepayment</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1% to 3.50%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>160,708</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>381,333</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,037,039</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>573,388</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1% to 3.50%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>160,708</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>381,333</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,037,039</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>573,388</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.18pt" bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Prepayment</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3.51% to 7.50%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>5,941</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>148,597</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>994,994</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,281,171</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3.51% to 7.50%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>95,776</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>276,615</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3,227,875</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3,398,081</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.18pt" width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Perpetual bonds</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>7.00%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,764</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,553</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,030,600</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,875,800</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.8pt" bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Fixed rate notes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>9.75%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>31,760</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4,191</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,116,830</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,031,690</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4.142%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>7,894</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>7,292</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>891,048</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>823,120</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.8pt" width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Fixed rate notes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>5.65%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>26,343</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4,058</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,539,885</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,436,478</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.8pt" bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Fixed rate notes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>6.5%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>30,357</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>53,851</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,436,720</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,875,800</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>9.125%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>36,750</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>8,273</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,218,360</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,125,480</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.8pt" width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Fixed rate notes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>6.875%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,618</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>26,598</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,522,950</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,406,850</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.8pt" bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Fixed rate notes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>10.5%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>16,922</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>34,390</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>812,240</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>750,320</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" 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></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.8pt" width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Financed imports</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>6.01% to 8.00%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>33,325</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>25,248</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>52,528</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>27,310</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>6.01% to 8.00%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>6,861</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>6,254</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,697</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>5,758</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.8pt" bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>CCB</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1.54%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>176,440</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="12%" 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=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>176,440</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.8pt" vAlign=middle width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>BNDES/FINAME</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>Res. 635/87 interest +</FONT><FONT style="FONT-SIZE: 7pt"> <BR><FONT face=Arial>1.7% and 2.7%</FONT><FONT style="FONT-SIZE: 7pt"> </FONT></FONT></FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>32,200</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>25,903</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>18,710</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>36,750</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="12%" align=left><FONT style="FONT-SIZE: 7pt"><FONT face=Arial>Res. 635/87 interest +</FONT><FONT style="FONT-SIZE: 7pt"> <BR><FONT face=Arial>1.7% and 2.7%</FONT><FONT style="FONT-SIZE: 7pt"> </FONT></FONT></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>29,524</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>23,425</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>17,157</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>33,466</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Intercompany</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=left><FONT style="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-SIZE: 7pt" face=Arial>6M Libor + 2.25 and 2.26% </FONT><FONT style="FONT-SIZE: 7pt"><FONT face=Arial>and 3.9961%</FONT> </FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>42,344</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>534,185</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>675,380</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>205,028</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="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1.40% to 8.00% and</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1.40% to 8.00% and 6M</FONT><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></TD>

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>21,597</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>105,442</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>409,221</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>145,438</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" 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=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>87,811</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><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="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>CDI + 1.2%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Libor + 2.56%</FONT><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></TD>

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><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="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>338,192</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>984,546</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,431,832</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,004,517</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>406,200</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,505,686</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,608,441</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,600,799</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.18pt" width="19%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>LOCAL CURRENCY</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.8pt" bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>BNDES/FINAME</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>TJLP + 1.5% to 5%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>402,421</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>430,432</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,001,547</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,744,727</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>TJLP + 1.5% to 3.2%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>253,216</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>226,891</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>881,033</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>782,416</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="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>103.6% to 110.8%</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.8pt" width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Debentures</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>49,065</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>672,073</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4,662,606</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,822,424</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>103.6% and 110.8% CDI</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>25,395</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>655,755</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,715,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,150,000</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="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>CDI and 1% + TJLP</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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

   <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.18pt" bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Prepayment</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial>104.8%, 109.5% and </FONT><FONT style="FONT-SIZE: 7pt"><FONT face=Arial>111% CDI</FONT> </FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,152,139</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>537,128</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3,989,891</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4,523,224</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>104.8% and 109.5 % CDI</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,088,912</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>510,072</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,933,333</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,466,667</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.8pt" width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>CCB</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>112.5% CDI</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>67,005</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>101,280</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>7,200,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>7,200,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>112.5% CDI</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>67,005</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>101,280</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>7,200,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>7,200,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.8pt" bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Intercompany</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>100.5% to 105.5% CDI</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>367,777</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,356,010</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>997,420</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.8pt" width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>11,129</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>9,509</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>30,945</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>37,058</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,964</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,845</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4,911</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>5,528</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="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,681,759</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,750,422</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,884,989</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>16,327,433</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,804,269</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,851,853</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,731,697</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,604,611</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.18pt" width="19%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total borrow ings and financing</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,019,951</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,734,968</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>28,316,821</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,331,950</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,210,469</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,357,539</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>22,340,138</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>19,205,410</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.18pt" bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Transaction costs and issue premiums</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(30,567)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(32,885)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(108,424)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(145,445)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(27,180)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(27,398)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(95,763)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(114,133)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>

   <P><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG><FONT style="FONT-SIZE: 7pt">Total borrow ings and financing + </FONT></STRONG><FONT style="FONT-SIZE: 7pt"><STRONG>transaction costs</STRONG></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></P></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,989,384</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,702,083</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>28,208,397</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,186,505</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,183,289</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,330,141</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>22,244,375</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>19,091,277</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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$2,322,716 as of September 30, 2012 (R$2,244,927 as of December 31, 2011) and the balances of Fixed rate notes and Intercompany bonds total R$3,720,280 (R$3,404,701 as of December 31, 2011), see note 4.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><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: 0cm; MARGIN: 0cm 0cm 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; </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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of September 30, 2012, funding transaction costs are as follows:</FONT></P>

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

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



<TR>

   <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>

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

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

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

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

<TR vAlign=bottom>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="63%" colSpan=15 align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="25%" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short term</FONT></B></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="55%" colSpan=13 align=center><STRONG><FONT size=1 face=Arial>Long term</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="12%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2013</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2014</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2017</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>After 2017</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 31.679pt" vAlign=middle width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TJ </FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></SUP></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TIR </FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></SUP></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed rate notes</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,648</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,085</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>945</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>351</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(426)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(426)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,268)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,261</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.5% to 10%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.75% to 10.7%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BNDES</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>472</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>215</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>423</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>389</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>389</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>389</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,533</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,338</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.3% to 1.7%</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.44% to 7.39%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BNDES</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,578</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>436</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>273</FONT>&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=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=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>709</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.2% to 3.2%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.59% to 9.75%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepayment</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,059</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,976</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,397</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,219</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,219</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,219</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,354</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,384</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>109.50% and 110.79% CDI</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.08% to 12.44%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepayment</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>127</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>346</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.37% and 3.24%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.68% to 4.04%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CCB</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,472</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,294</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,651</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,902</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,902</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,057</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,867</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76,673</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>112.5% CDI</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.33% to 14.82%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>829</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>355</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>825</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>829</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>829</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>829</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,392</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,059</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>105.8% and 110.8% CDI</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Arial>12.59% and 13.27%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>30,567</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,488</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>27,023</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18,199</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,422</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,414</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>22,878</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>108,424</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></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 width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="7%" 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 vAlign=middle width="7%" 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 vAlign=middle width="7%" 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 vAlign=middle width="7%" 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 vAlign=middle width="12%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="12%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="63%" colSpan=15 align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="25%" colSpan=3 align=right><STRONG><FONT size=1 face=Arial>Parent Company</FONT></STRONG>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short term</FONT></B></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="55%" colSpan=13 align=center><STRONG><FONT size=1 face=Arial>Long term</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="12%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2013</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2014</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2017</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>After 2017</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 31.679pt" vAlign=middle width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TJ </FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></SUP></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TIR </FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></SUP></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed rate notes</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>701</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,770</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" 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=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=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,770</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.13%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.01%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BNDES</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>307</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>239</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>205</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>205</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>205</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,046</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,977</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.30% to 1.70%</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.44% to 7.39%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BNDES</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,453</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>363</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>242</FONT>&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=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=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>605</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.2% to 3.2%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.59% to 9.75%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepayment</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,309</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,538</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,647</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>469</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>469</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>469</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>625</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,217</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>109.50% CDI</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.08%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepayment</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>127</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>346</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.37% and 3.24%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.68% to 4.04%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CCB</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,472</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,294</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,651</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,902</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,902</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,057</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,867</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76,673</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>112.5% CDI</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.33% to 14.82%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>429</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>221</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>427</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>427</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>427</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>427</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>592</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,521</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>105.8 and 110.8% CDI</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Arial>12.59% and 13.27%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>27,180</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,390</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>23,715</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>15,512</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>15,512</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,504</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>21,130</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>95,763</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=left>&nbsp;</TD>

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

   <TD width="12%" align=left>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 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; </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: 0cm 0cm 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; </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; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 68of 108</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_69></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 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; </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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of September 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: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="40%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent
      Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2013</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,451,477</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,690,384</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2014</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,917,485</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,293,934</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">15%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2015</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,449,677</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,227,603</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">14%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2016</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,829,114</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,676,333</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2017</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,526,161</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,473,997</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">11%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">After 2017</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,112,307</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">43%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8,977,887</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">40%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Perpetual bonds</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,030,600</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">8%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">28,316,821</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">100%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">22,340,138</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">100%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 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; </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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="40%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Parent
      Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Opening balance</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">27,888,588</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">20,089,447</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">23,421,418</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">15,183,349</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.294pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Funding</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,677,142</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">7,824,012</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,630,092</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">7,314,956</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.294pt" bgColor=#f8f8f8 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Amortization</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 1.559pt" bgColor=#f8f8f8 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(4,076,141)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(3,614,606)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD style="TEXT-INDENT: 1.44pt" bgColor=#f8f8f8 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(3,951,520)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(2,818,933)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.294pt" width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other (*)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,708,192</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,589,735</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,327,674</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,742,046</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.294pt" bgColor=#f8f8f8 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Closing
      balance</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f8f8f8 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">30,197,781</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f8f8f8 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">27,888,588</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f8f8f8 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">24,427,664</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f8f8f8 width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">23,421,418</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Borrowing 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 September 30,
2012.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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. &nbsp;(&#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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In September 2012, the Company settled the promissory
notes issued in March 2012 in the total amount of R$833,277, of which R$800,000
in principal and R$33,277 in interest.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Debentures&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4th
issue</FONT></B></H1>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</H1></DIV>
<P style="TEXT-ALIGN: right">PAGE 69of 108</P>
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    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</H1>
<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</H1>
<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>5th
issue</FONT></B></H1>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>6h issue</FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">
&nbsp;</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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
August 29, 2012, the Company issued on September 6, 2012, 156,500
nonconvertible, unsecured debentures, of which 106,500 1st series debentures and
50,000 2nd series debentures, with a unit face value of R$10. These debentures
were issued in the total amount of R$1,565,000 and the proceeds from their
trading with financial institutions were received on September 24,
2012.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The face value of the 1st series debentures earns interest
equivalent to 105.80% of CDI, as released by Cetip, per year, and maturity of
the face value is scheduled for March 30, 2015, with an early redemption option.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The face value of the 2nd series debentures earns interest
equivalent to 106.00% of CDI, as released by Cetip, per year, and maturity of
the face value is scheduled for September 6, 2015, with an early redemption
option.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii. Transnordestina Log&#237;stica </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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 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 and 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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  <TR vAlign=bottom>
    <TD vAlign=middle width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center></TD>
    <TD vAlign=middle width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center></TD>
    <TD style="TEXT-INDENT: 0.6pt" vAlign=middle width="12%" align=center></TD>
    <TD vAlign=middle width="1%" align=center></TD>
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    <TD vAlign=middle width="1%" align=center></TD>
    <TD vAlign=middle width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center></TD>
    <TD vAlign=middle width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center></TD>
    <TD vAlign=middle width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center></TD>
    <TD vAlign=middle width="12%" align=center></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="4%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Issue</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="4%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Series</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">General<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>meeting</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1.919pt" vAlign=middle width="12%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Number<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>issued</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="1%" align=center><STRONG></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Unit<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>face
      value</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Issue</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7.2pt" vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Maturity</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 17.04pt" vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Charges</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD vAlign=middle width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="12%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Balance
      (R$)<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>9/30/2012</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1st</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD bgColor=#f2f2f2 width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1st</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD style="TEXT-INDENT: 0.522pt" bgColor=#f2f2f2 width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">02/08/10</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD style="TEXT-INDENT: 3.162pt" bgColor=#f2f2f2 width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">336,647,184</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD bgColor=#f2f2f2 width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">R$ 1.00</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD bgColor=#f2f2f2 width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">03/09/10</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD bgColor=#f2f2f2 width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10/03/27</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&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: 9pt">TJLP + 0.85% p.a</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">336,647</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1st</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center></TD>
    <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2nd</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center></TD>
    <TD style="TEXT-INDENT: 0.522pt" width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">02/08/10</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center></TD>
    <TD style="TEXT-INDENT: 3.162pt" width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">350,270,386</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center></TD>
    <TD width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">R$ 1.00</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center></TD>
    <TD width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">11/25/2010</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center></TD>
    <TD width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10/03/27</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">TJLP + 0.85% p.a</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">350,270</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1st</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD bgColor=#f2f2f2 width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3rd</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD style="TEXT-INDENT: 0.522pt" bgColor=#f2f2f2 width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">02/08/10</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD style="TEXT-INDENT: 3.162pt" bgColor=#f2f2f2 width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">338,035,512</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD bgColor=#f2f2f2 width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">R$ 1.00</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD bgColor=#f2f2f2 width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/01/10</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD bgColor=#f2f2f2 width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10/03/27</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&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: 9pt">TJLP + 0.85% p.a</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">338,036</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1st</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center></TD>
    <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4th</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center></TD>
    <TD style="TEXT-INDENT: 0.522pt" width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">02/08/10</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center></TD>
    <TD style="TEXT-INDENT: 3.162pt" width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">468,293,037</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center></TD>
    <TD width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">R$ 1.00</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center></TD>
    <TD width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10/04/11</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=center></TD>
    <TD width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10/03/27</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">TJLP + 0.85% p.a</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">468,293</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1st</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD bgColor=#f2f2f2 width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5th</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD style="TEXT-INDENT: 0.522pt" bgColor=#f2f2f2 width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">02/08/10</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD style="TEXT-INDENT: 3.162pt" bgColor=#f2f2f2 width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">121,859,549</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD bgColor=#f2f2f2 width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">R$ 1.00</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD bgColor=#f2f2f2 width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/21/2012</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=center></TD>
    <TD bgColor=#f2f2f2 width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10/03/27</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&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: 9pt">TJLP + 0.85% p.a</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">121,860</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Guarantees provided</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="68%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Property, plant and
      equipment</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">14,804</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f8f8f8 width="1%" align=right></TD>
    <TD bgColor=#f8f8f8 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">19,383</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Collateral transfer
      (*)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">87,550</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">14,804</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">106,933</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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 settled the loan guaranteed
by a collateral transfer and paid R$89,438.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 70of 108</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>15.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>FINANCIAL INSTRUMENTS </FONT></B></P>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>I - Identification and measurement of financial instruments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0cm 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; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Classification of financial instruments </FONT></B></P>

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

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   <TD width="23%"></TD>

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   <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="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="6%"></TD>

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

   <TD width="6%"></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="23%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center>&nbsp; </TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="34%" colSpan=9 align=right><STRONG><FONT size=1 face=Arial>9/30/2012</FONT></STRONG> </TD>

   <TD vAlign=middle width="1%" align=right><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="34%" colSpan=9 align=right><STRONG><FONT size=1 face=Arial>12/31/2011</FONT></STRONG> </TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="23%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Notes</FONT></STRONG></TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><STRONG><FONT size=1 face=Arial>Available<BR></FONT></STRONG><STRONG><FONT size=1 face=Arial>for sale</FONT></STRONG></TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.531pt" vAlign=middle width="6%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Fair value<BR></STRONG><STRONG>through<BR>profit or<BR></STRONG><STRONG>loss</STRONG></FONT></TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Loans and<BR></STRONG><STRONG>receivables -<BR>effective<BR>interest rate</STRONG></FONT></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="6%" align=center><STRONG><FONT size=1 face=Arial>Other liabilities -</FONT></STRONG><FONT size=3 face="Times New Roman"> </FONT><STRONG><FONT size=1 face=Arial>amortized cost<BR>method</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="6%" align=center><STRONG><FONT size=1 face=Arial>Balances</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="6%" align=center><STRONG><FONT size=1 face=Arial>Available<BR>for sale</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; TEXT-INDENT: 4.702pt" vAlign=middle width="6%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Fair value<BR><STRONG>through<BR></STRONG>profit or<BR></STRONG><STRONG>loss</STRONG></FONT></TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Loans and<BR></STRONG><STRONG>receivables -<BR>effective<BR>interest rate</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><FONT size=1 face=Arial><STRONG>Other liabilities -<BR></STRONG><STRONG>amortized cost<BR></STRONG></FONT><FONT size=1 face=Arial><STRONG>method</STRONG></FONT></TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Arial><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Balances</FONT></STRONG></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="23%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.468pt" width="23%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current assets</FONT></B>&nbsp;</TD>

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

   <TD width="6%" align=center>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" bgColor=#f2f2f2 width="23%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,553,711</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,553,711</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,417,393</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,417,393</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" width="23%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade receivables, net</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,636,411</FONT>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,636,411</FONT>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,558,997</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,558,997</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" bgColor=#f2f2f2 width="23%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Guarantee margin on financial instruments</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8 and 15</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>415,211</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>415,211</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>407,467</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>407,467</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" width="23%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8 and 15</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,115</FONT>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,115</FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="100%" colSpan=23>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.948pt" width="23%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current assets</FONT></B>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" bgColor=#f2f2f2 width="23%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other trade receivables</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,101</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,101</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57,797</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57,797</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" width="23%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</TD>

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

   <TD width="6%" align=center>&nbsp;</TD>

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

   <TD width="6%" align=center><FONT size=1 face=Arial>1,906,521</FONT>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,906,521</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,089,307</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,089,307</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" bgColor=#f2f2f2 width="23%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>396,431</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>396,431</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>376,344</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>376,344</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" width="23%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Short-term investments</FONT>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>119,922</FONT>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>119,922</FONT>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>139,679</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>139,679</FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="100%" colSpan=23>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.948pt" width="23%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" bgColor=#f2f2f2 width="23%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current liabilities</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.148pt" width="23%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings, financing and debentures</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,019,951</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,019,951</FONT>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,734,968</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,734,968</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.148pt" bgColor=#f2f2f2 width="23%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15 and 16</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,873</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,873</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,971</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,971</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.148pt" width="23%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,650,324</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,650,324</FONT>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,232,075</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,232,075</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" bgColor=#f2f2f2 width="23%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current liabilities</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.148pt" width="23%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings, financing and debentures</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,316,821</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,316,821</FONT>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=left>&nbsp;</TD>

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

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,331,950</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,331,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.148pt" bgColor=#f2f2f2 width="23%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15 and 16</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>387,742</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>387,742</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>373,430</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>373,430</FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0cm 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; </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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0cm 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; </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: 0cm 0cm 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: 0cm 0cm 0cm 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; </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: 0cm 0cm 0cm 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: 0cm 0cm 0cm 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; </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="MARGIN: 0cm 0cm 0cm 35.4pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 71of 108</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="28%" noWrap></TD>

   <TD width="1%" noWrap></TD>

   <TD width="8%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="8%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="8%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="8%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="8%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="8%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="8%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="8%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" colSpan=7 noWrap align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" colSpan=7 noWrap align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Level 1</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Level 2</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Level 3</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Balances</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Level 1</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Level 2</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Level 3</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Balances</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" noWrap align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Assets</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left><B></B></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.141pt" width="28%" noWrap align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Current assets</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.781pt" bgColor=#f2f2f2 width="28%" noWrap align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Financial assets at fair value through profit or loss</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left><B></B></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.119pt" width="28%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Derivative financial instruments</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,000</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,000</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">55,115</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">55,115</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="100%" colSpan=17 noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.141pt" width="28%" noWrap align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Non-current assets</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.119pt" bgColor=#f2f2f2 width="28%" noWrap align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Available-for-sale financial assets</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left><B></B></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.119pt" width="28%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Investments</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,906,521</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,906,521</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,089,309</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,089,309</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="100%" colSpan=17 noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.781pt" width="28%" noWrap align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Financial assets at fair value through profit or loss</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.119pt" bgColor=#f2f2f2 width="28%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Derivative financial instruments</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">396,431</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">396,431</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">376,344</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">376,344</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=17 noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.661pt" bgColor=#f2f2f2 width="28%" noWrap align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Liabilities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left><B></B></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.141pt" width="28%" noWrap align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Current liabilities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.119pt" bgColor=#f2f2f2 width="28%" noWrap align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Financial liabilities at fair value through profit or loss</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left><B></B></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.119pt" width="28%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Derivative financial instruments</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,873</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,873</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,971</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,971</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="100%" colSpan=17 noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.141pt" width="28%" noWrap align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Non-current liabilities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.119pt" bgColor=#f2f2f2 width="28%" noWrap align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Financial liabilities at fair value through profit or loss</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left><B></B></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.119pt" width="28%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Derivative financial instruments</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">387,742</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">387,742</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">373,430</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="8%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">373,430</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 Shareholders&#8217; 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: 0cm 0cm 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: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company has investments in common (USIM3) and preferred (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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Considering the volatility of the quotations of Usiminas shares, the Company evaluated whether, at the end of the reporting period, there was 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 drop of 20% or more in its market value or from the time there is a significant drop in its market value as compared to its acquisition price during more than twelve months. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>To determine the period of decline in the market value of Usiminas shares below their cost, CSN compared their average cost of acquisition as of September 30, 2012 with the last date when the maximum quotation was above this weighted average. According to management, this analysis shows that neither USIM3 shares nor USIM5 shares presented a prolonged decline in their quotations, based on the Company&#8217;s policy.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of June 30, 2012, considering the quantitative and qualitative analyses above, management concluded, in its best judgment, that there was evidence of a significant reduction in market value over the acquisition cost of the shares of USIM3 and USIM5, 66.3% and 59.0% respectively, and, consequently, reclassified the accumulated losses recorded in </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>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: 0cm 0cm 0pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 72of 108</P>

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<FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of September 30, 2012, Management concluded, in its best judgment, that there is no evidence of impairment of the investment in Usiminas shares and, therefore, that a new reclassification to profit or loss for the period is not necessary. In accordance with the Company's policy, gains arising from the positive variation of the quotation of shares during the quarter were recognized in other comprehensive income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="40%"></TD>

   <TD width="1%"></TD>

   <TD width="14%"></TD>

   <TD width="1%"></TD>

   <TD width="14%"></TD>

   <TD width="1%"></TD>

   <TD width="14%"></TD>

   <TD width="1%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Carrying amount</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Fair value</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">amount</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Fair value</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Perpetual bonds</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,033,364</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="TEXT-INDENT: 12.36pt" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,048,451</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="TEXT-INDENT: 8.399pt" bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,878,353</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,819,903</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Fixed rate notes</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,970,397</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD style="TEXT-INDENT: 12.36pt" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">6,812,941</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD style="TEXT-INDENT: 8.399pt" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,183,690</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,832,364</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt 14.15pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 73of 108</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Liquidity risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="27%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="11%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=9 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">At September 30, 2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Less than one<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>year</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">From one to<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>two years</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">From two to<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>five years</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.078pt" vAlign=middle align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Over five<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"><STRONG>years</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;<STRONG>Total</STRONG> </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.639pt" bgColor=#f2f2f2 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Borrowings, financing and debentures</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,019,951</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,368,962</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9,804,952</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4.078pt" bgColor=#f2f2f2 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">14,142,907</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">30,336,772</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.639pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Derivative financial instruments</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">3,873</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">387,742</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">391,615</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.639pt" bgColor=#f2f2f2 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Trade payables</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,650,324</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,650,324</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" colSpan=11><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1.902pt" bgColor=#f2f2f2 align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">December 31, 2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.639pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Borrowings, financing and debentures</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,734,968</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,263,889</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">6,724,483</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4.078pt" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">16,343,578</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">28,066,918</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.639pt" bgColor=#f2f2f2 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Derivative financial instruments</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,971</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">373,430</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">376,401</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.639pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Trade payables</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,232,075</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,232,075</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Foreign exchange rate risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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, euro and Australian dollar, thus arriving at its net exchange exposure, which is the foreign currency exposure risk. Therefore, besides the trade receivables arising from exports and investments overseas that in economic terms constitute natural hedges, the Company further considers and uses various financial instruments, such as derivative instruments (US$ to real and euro to dollar swaps, and forward exchange contracts, etc.) to manage its risks of fluctuations in currencies other than the Brazilian real.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 0cm 0cm 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: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>

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   <TD width="13%"></TD></TR>

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 0cm 0cm 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: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The consolidated net exposure as of September 30, 2012 is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="68%"></TD>

   <TD width="1%"></TD>

   <TD width="15%"></TD>

   <TD width="1%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=5 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">9/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="68%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;<STRONG>Foreign Exchange Exposure</STRONG> </FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(Amounts in</FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"> <STRONG>US$&#8217;000)</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD>

   <TD width="1%" align=center><STRONG></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(Amounts in</FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: arial"> <STRONG>&#8364;&#8217;000)</STRONG></FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Cash and cash equivalents overseas</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,927,458</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,712</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Derivative guarantee margin</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">200,213</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Trade receivables</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">194,998</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">34,972</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Intercompany loans</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">81,753</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Advances to suppliers</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">83,504</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">453</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other assets</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,949</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total assets</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">6,493,875</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">38,137</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Borrowings and financing</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(5,125,554)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Trade payables</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(157,915)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(961)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other liabilities</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(39,327)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.293pt" bgColor=#f2f2f2 width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Intercompany borrowings</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(13,855)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total liabilities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(5,336,651)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(961)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Gross exposure</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,157,224</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">37,176</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Notional amount of derivatives contracted</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">73,212</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(90,000)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Net exposure</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,230,436</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(52,824)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Exchange swap transactions </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of September 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of September 30, 2012, the consolidated position of these contracts is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 75of 108</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt 18pt"><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: 0cm 0cm 0pt 18pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="21%"></TD>

   <TD width="1%"></TD>

   <TD width="14%"></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="21%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="14%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD rowSpan=3 width="21%" align=left></TD>

   <TD rowSpan=3 width="1%"></TD>

   <TD rowSpan=3 width="14%" align=left></TD>

   <TD rowSpan=3 width="1%"></TD>

   <TD rowSpan=3 width="7%" align=left></TD>

   <TD rowSpan=3 width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=3 width="15%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B></TD>

   <TD rowSpan=3 width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=3 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(market)</FONT></B>&nbsp;</TD>

   <TD rowSpan=3 width="1%"></TD>

   <TD rowSpan=3 width="7%" align=left></TD>

   <TD rowSpan=3 width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=3 width="15%" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B></TD>

   <TD rowSpan=3 width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=3 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(market)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD width="100%" colSpan=19>&nbsp; </TD></TR>

<TR>

   <TD width="100%" colSpan=19>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle rowSpan=5 width="21%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterparties</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center></TD>

   <TD vAlign=middle rowSpan=5 width="14%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transaction</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>maturity</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center></TD>

   <TD vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center></TD>

   <TD vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center></TD>

   <TD vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short<BR>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center></TD>

   <TD vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>receivable/</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(payable)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center></TD>

   <TD vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center></TD>

   <TD vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Asset</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center></TD>

   <TD vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liability<BR>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center></TD>

   <TD vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>receivable</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,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 style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="21%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>HSBC</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6/15/2012 to</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,981</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="TEXT-INDENT: 7.919pt; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,503</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(19,845)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>658</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>101,317</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>192,919</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(176,554)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,365</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bradesco</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8/1/2012 to 10/1/2012</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,981</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD style="TEXT-INDENT: 7.919pt" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,505</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(20,227)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>278</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,327</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,279</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,743)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>536</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="21%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco do Brasil</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7/2/2012 to 2/1/2013</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,654</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="TEXT-INDENT: 7.919pt" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,817</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,720)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,097</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,654</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,605</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,413)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>192</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Santander</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10/1/2013 to 1/2/2015</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,990</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD style="TEXT-INDENT: 7.919pt" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,419</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29,511)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,908</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,990</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,900</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(28,416)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>484</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="21%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Goldman Sachs</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12/17/2012 to</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,654</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="TEXT-INDENT: 7.919pt" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,707</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,393)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,314</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>190,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>371,174</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(352,514)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,660</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco de Tokyo</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12/15/2016</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,952</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD style="TEXT-INDENT: 7.919pt" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53,384</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(50,305)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,079</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,952</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46,980</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(47,960)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(980)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="21%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Soci&#233;t&#233; G&#233;n&#233;rale</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </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>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </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>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,635</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,554</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29,362)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,192</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>JP Morgan</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="14%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp; </TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp; </TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp; </TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp; </TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,981</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,127</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,556)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>571</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="21%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>73,212</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3.96pt" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>154,335</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(145,001)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,334</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>367,856</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>708,538</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(671,518)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>37,020</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; 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; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="21%"></TD>

   <TD width="2%"></TD>

   <TD width="22%"></TD>

   <TD width="2%"></TD>

   <TD width="16%"></TD>

   <TD width="2%"></TD>

   <TD width="17%"></TD>

   <TD width="2%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD rowSpan=2 width="22%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional (US$)</FONT></B>&nbsp;</TD>

   <TD rowSpan=2 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 12.024pt" rowSpan=2 width="16%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=2 width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=2 width="17%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=2 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7.584pt" rowSpan=2 width="16%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp; (market)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.44pt" width="21%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterparties</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="22%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 0pt" width="16%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B></TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD style="TEXT-INDENT: 0pt" width="17%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short</FONT></B></TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD width="16%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=center>

   <P><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></P></TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(payable)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="21%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Goldman Sachs</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="22%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(70,000)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="16%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>130,266</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp; </TD>

   <TD style="TEXT-INDENT: 6.84pt" bgColor=#f2f2f2 width="17%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(130,787)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="16%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(521)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Santander</FONT></I>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,000)</FONT>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,704</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 11.28pt" width="17%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(56,030)</FONT>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(326)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="21%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="22%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(100,000)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="16%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>185,970</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 6.84pt" bgColor=#f2f2f2 width="17%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(186,817)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="16%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(847)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Iene-to-US dollar exchange swap&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="21%"></TD>

   <TD width="1%"></TD>

   <TD width="14%"></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="21%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="14%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="14%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="7%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="7%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B></TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="7%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="7%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="7%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="14%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="TEXT-INDENT: 7.32pt" width="15%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="7%" align=center>&nbsp; <STRONG><FONT size=1 face=Arial>(market)</FONT></STRONG></TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="7%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="TEXT-INDENT: 7.44pt" width="15%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="7%" align=center>&nbsp; <STRONG><FONT size=1 face=Arial>(market)</FONT></STRONG></TD></TR>

<TR vAlign=bottom>

   <TD rowSpan=3 width="21%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterparty</FONT></B></TD>

   <TD rowSpan=3 width="1%"></TD>

   <TD rowSpan=3 width="14%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transaction</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>maturity</FONT></B></TD>

   <TD rowSpan=3 width="1%"></TD>

   <TD rowSpan=3 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Yene)</FONT></B></TD>

   <TD rowSpan=3 width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B></TD>

   <TD width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=center>&nbsp;&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center>&nbsp; </TD>

   <TD width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" rowSpan=2 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD rowSpan=2 width="1%" align=center></TD>

   <TD style="TEXT-INDENT: 0pt" rowSpan=2 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD rowSpan=2 width="1%" align=center></TD>

   <TD rowSpan=2 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>receivable</FONT></B></TD>

   <TD rowSpan=2 width="1%" align=center></TD>

   <TD rowSpan=2 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Yene)</FONT></B></TD>

   <TD rowSpan=2 width="1%" align=center></TD>

   <TD style="TEXT-INDENT: 0pt" rowSpan=2 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD rowSpan=2 width="1%" align=center></TD>

   <TD style="TEXT-INDENT: 0pt" rowSpan=2 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD rowSpan=2 width="1%" align=center></TD>

   <TD rowSpan=2 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>receivable</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="21%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Deutsche Bank</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12/12/2013</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,090,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>388,577</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.92pt; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(387,742)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 32.52pt; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>835</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,090,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7.44pt; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>374,455</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.92pt; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(373,430)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="14%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>59,090,000</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 7.32pt" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>388,577</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 4.92pt" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(387,742)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 32.52pt" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>835</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>59,090,000</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 7.44pt" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>374,455</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 4.92pt" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(373,430)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,025</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b) Settled transactions </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; 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; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="28%"></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 width="28%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="23%" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation in 2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="23%" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation in 2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="TEXT-INDENT: 7.08pt" width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=center>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="TEXT-INDENT: 0pt" width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B></TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Impact on</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.12pt" width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterparties</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Received/</FONT></B></TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=center><STRONG><FONT size=1 face=Arial>position (R$)</FONT></STRONG></TD>

   <TD width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>in 2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>P&amp;L in 2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7.559pt" width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(paid) in 2012</FONT></B></TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$)</FONT></B></TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Goldman Sachs</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,100,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,087,068</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,058,133)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,935</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>190,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>371,175</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(352,515)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,660</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,275</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>HSBC</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>101,317</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>192,065</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(181,463)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,602</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>101,317</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>192,919</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(176,554)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,365</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,763)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Santander</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,990</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,357</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,322)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,990</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,571</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,095)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>476</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(441)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Banco do Brasil</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,327</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,941</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,659)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>282</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,327</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,316</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,364)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(48)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>330</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Soci&#233;t&#233; G&#233;n&#233;rale</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,635</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,767</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,373)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,394</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,635</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,828</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29,362)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,466</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,928</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>JP Morgan</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,981</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,577</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,820)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,243)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,981</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,126</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,556)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>570</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,813)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Bradesco</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,327</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,151</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,049)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,102</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,327</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,279</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,743)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>536</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>566</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,239,577</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,354,926</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,310,819)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>44,107</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>329,577</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>637,214</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(598,189)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>39,025</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,082</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 76of 108</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; 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; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="28%"></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 width="28%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="23%" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation in 2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="23%" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation in 2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD rowSpan=5 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterparties</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position (R$)</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position (R$)</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>received in</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2012</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position (R$)</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position (R$)</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>in 2011</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Impact on</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,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 style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Santander</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(70,000)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>131,472</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(122,092)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,380</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(70,000)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>130,265</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(130,787)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(522)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,902</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Goldman Sachs</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(130,000)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>232,837</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(235,058)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,221)</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,000)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,704</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(56,030)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(326)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,895)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Ita&#250; BBA</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(100,000)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>184,214</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(189,329)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,115)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,115)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(300,000)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>548,523</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(546,479)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,044</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(100,000)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>185,969</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(186,817)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(848)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,892</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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$9,334 as of September 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$17,308 as of September 30, 2012 (loss of R$127,638 as of September 30, 2011) (see note 25).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0cm 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of September 30, 2012, the consolidated position of these contracts is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="28%"></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 width="28%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="7%" 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="23%" colSpan=5 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="23%" colSpan=5 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD rowSpan=3 width="44%" colSpan=5 align=left></TD>

   <TD rowSpan=3 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="15%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(market)</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD rowSpan=3 width="7%" align=left></TD>

   <TD rowSpan=3 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="15%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=3 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(market)</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="28%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterparties</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transaction</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>maturity</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(&#8364;&#8217;000)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(payable)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(&#8364;&#8217;000)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,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="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Ita&#250; BBA</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10/11/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,046</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 7.32pt" bgColor=#f2f2f2 width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(57,807)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>239</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" 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=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>HSBC</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10/11/2012</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,000</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,795</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 7.32pt" width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,692)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,000</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,469</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(48,556)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,913</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Goldman Sachs</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10/11/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,248</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 7.32pt" bgColor=#f2f2f2 width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(32,115)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>133</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>128,761</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(121,389)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,372</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Deutsche Bank</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,000</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,521</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(48,556)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,965</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" 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 style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>90,000</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>116,089</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3.239pt" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(115,614)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>475</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>90,000</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>231,751</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>(218,501)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>13,250</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b) Settled transactions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="28%"></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 width="28%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="23%" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation in 2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="23%" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation in 2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=4 width="28%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterparties</FONT></B></TD>

   <TD rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=4 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(&#8364;&#8217;000)</FONT></B></TD>

   <TD rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0pt" rowSpan=4 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$)</FONT></B></TD>

   <TD rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.943pt" rowSpan=4 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$)</FONT></B></TD>

   <TD rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=4 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Received/</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(pa</FONT></B>id) in 2012</FONT></B></TD>

   <TD rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=4 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(&#8364;&#8217;000)</FONT></B></TD>

   <TD rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=4 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$)</FONT></B></TD>

   <TD rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=4 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$)</FONT></B></TD>

   <TD rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=4 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>value in</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B></TD>

   <TD rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=4 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Impact on</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,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>

   <TD bgColor=#f2f2f2 width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Deutsche Bank</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>120,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 7.679pt" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>253,242</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 5.88pt" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(250,035)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,207</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>64,345</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(60,694)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,651</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(444)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Goldman Sachs</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>260,000</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 7.679pt" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>494,858</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 5.88pt" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(489,645)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,213</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,000</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102,990</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(97,111)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,879</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(666)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>HSBC</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 7.679pt" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>119,505</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 5.88pt" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(121,260)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,755)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>64,416</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(60,696)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,720</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,475)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Itau BBA</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>270,000</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7.679pt" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>452,459</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.88pt" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(447,080)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,379</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></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=ArialMT,Arial,Helvetica,sans-serif>5,379</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" 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=Arial-BoldMT,Arial,Helvetica,sans-serif>720,000</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>1,320,064</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,308,020)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>12,044</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>90,000</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>231,751</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>(218,501)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>13,250</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,206)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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$475 as of September 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$731 as of September 30, 2012 (gain of R$2,817 as of September 30, 2011) (see note 25).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other derivatives</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 September 30, 2012, the gross position was US$30,806 and the net position was US$40,335 (including the derivatives below).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a) Outstanding transactions<BR></FONT></B></P>

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   <TD width="7%"></TD>

   <TD width="1%"></TD>

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   <TD width="28%" 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=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=5 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterparties</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transaction</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>maturity</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=3 width="15%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B></TD>

   <TD rowSpan=3 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=3 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(market)</FONT></B></TD>

   <TD rowSpan=3 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=5 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=3 width="15%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B></TD>

   <TD rowSpan=3 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=3 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(market)</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0pt" rowSpan=2 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD rowSpan=2 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=2 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD rowSpan=2 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=2 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>receivable</FONT></B></TD>

   <TD rowSpan=2 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0pt" rowSpan=2 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD rowSpan=2 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0pt" rowSpan=2 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD rowSpan=2 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=2 width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>receivable</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>BES</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9/28/2013</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53,516</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 6.96pt" bgColor=#f2f2f2 width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>108,063</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(109,864)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,801)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,208</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 10.08pt" bgColor=#f2f2f2 width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38,017</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 8.76pt" bgColor=#f2f2f2 width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34,049)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,968</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>DB</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11/30/2012</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,625</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 10.68pt" width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35,589</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(36,521)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(932)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>BNP</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 10.08pt" bgColor=#f2f2f2 width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,219</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8.76pt" bgColor=#f2f2f2 width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,453)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,766</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" 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 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>71,141</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 6.96pt" width="7%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>143,652</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(146,385)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,733)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>35,208</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 10.08pt" width="7%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>66,236</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 8.76pt" width="7%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(59,502)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,734</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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$2,733 as of September 30, 2012 (R$6,734 in assets as of December 31, 2011).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Gains or losses on these transactions as of September 30, 2012 are consolidated into the Company&#8217;s finance income (costs) as a loss totaling R$6,638 (gain of R$8,808 as of September 30, 2011) (see Note 25).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </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: 0cm 0cm 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: 0cm 0cm 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 September 30, 2012 recognized in assets, amounting to R$9,334. The Company considered the scenarios below for the real-dollar parity volatility. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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 1.5230;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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 1.0153;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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 2.5383;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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 3.0459.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="36%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="62%" colSpan=11 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle rowSpan=3 width="36%" align=left></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Risk</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 1</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 2</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 3</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 4</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.0306</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.5230</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.0153</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.5383</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.0459</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net currency swap</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f8f8f8 width="12%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,212</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(37,166)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(74,332)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37,166</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>74,332</FONT>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#f8f8f8 width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Exchange position functional currency R$</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f8f8f8 width="12%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,157,224</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(587,465)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,174,930)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>587,465</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,174,930</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(not including exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated exchange position</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f8f8f8 width="12%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,230,436</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(624,631)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,249,262)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>624,631</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,249,262</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(including exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </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: 0cm 0cm 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: 0cm 0cm 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 September 30, 2012 recognized in assets, amounting to R$475. The Company considered the scenarios below for the real-dollar parity volatility.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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 1.9582;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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 1.3055;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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 3.2636;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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 3.9164.</FONT></P></DIV>

<P style="TEXT-ALIGN: right">PAGE 78of 108</P>

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE><BR>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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="40%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

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   <TD width="2%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD rowSpan=3 width="40%" align=right></TD>

   <TD rowSpan=3 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=11 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Risk</FONT></B></TD>

   <TD vAlign=middle rowSpan=2 width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3.244pt" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B>&nbsp;<STRONG><FONT size=1 face=Arial>amount</FONT></STRONG><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B></TD>

   <TD vAlign=middle rowSpan=2 width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 2</FONT></B></TD>

   <TD vAlign=middle rowSpan=2 width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 3</FONT></B></TD>

   <TD vAlign=middle rowSpan=2 width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 4</FONT></B></TD>

   <TD vAlign=middle rowSpan=2 width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT size=1 face=Arial>Sc</FONT>enario 4</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.6109</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.9582</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.3055</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.2636</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.9164</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net currency swap</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f8f8f8 width="8%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Euro fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(90,000)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,745</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,491</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(58,745)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(117,491)</FONT>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#f8f8f8 width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Exchange position functional currency R$</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f8f8f8 width="8%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Euro fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37,176</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(24,266)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(48,531)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,266</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,531</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(not including exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated exchange position</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f8f8f8 width="8%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Euro fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(52,824)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,479</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>68,960</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34,479)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(68,960)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(including exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 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 September 30, 2012 recognized in liabilities, amounting to R$2,733. The Company considered the scenarios below for the real-dollar parity volatility.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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) Euro-dollar parity of 0.9656;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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) Euro-dollar parity of 0.6437;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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) Euro-dollar parity of 1.6094;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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) Euro-dollar parity of 1.9312.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="36%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="62%" colSpan=11 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD rowSpan=3 width="36%" align=left></TD>

   <TD rowSpan=3 width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Risk</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3.419pt" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 1</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 2</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 3</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 4</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.2875</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.9656</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.6437</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.6094</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.9312</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net currency swap</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>71,141</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(22,898)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(45,797)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,898</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45,797</FONT>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#f2f2f2 width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Exchange position functional currency EURO</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,806)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,916</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,831</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,916)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(19,831)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(not including exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated exchange position</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,335</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,982)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,966)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,982</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,966</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(including exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Interest rate risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 swaps of its obligations indexed to the LIBOR, in which it receives interest of 1.25% p.a. on the notional value of the dollar (long position) and pays 96% of the CDI on the notional amount in reais of the contract date (short position). The notional amount of this swap as of September 30, 2012 is US$86,000,000, hedging an export prepayment transaction in the same amount. The gains and losses on these contracts are directly related to fluctuations in exchange rates (US$) and interest rates (LIBOR and CDI). In general, these are transactions conducted in the Brazilian over-the-counter market that have as a counterparty a prime financial institution.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 79of 108</P>

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<A name="page_80"></A>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of September 30, 2012, the position of these contracts is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0cm 18pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Outstanding transactions</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 18pt">&nbsp;</P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="30%"></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="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="6%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="27%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="27%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=3 width="37%" colSpan=3 align=left></TD>

   <TD rowSpan=3 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="13%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.849pt" vAlign=middle rowSpan=3 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(market)</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="6%" align=center></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="13%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.969pt" vAlign=middle rowSpan=3 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(market)</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$)</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="30%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterparties</FONT></B></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transaction</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>maturity</FONT></B></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2012</FONT></B></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>payable</FONT></B></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transaction</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>maturity</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7.169pt" vAlign=middle rowSpan=4 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>payable</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>CSFB</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11/13/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>86,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>145,983</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(147,078)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,095)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13/2/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>107,500</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 5.88pt" bgColor=#f2f2f2 width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>182,432</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(184,556)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,124)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</DIV></DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;<B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Settled transactions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="30%"></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="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="6%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="20%" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation in 2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="20%" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Appreciation in 2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=5 width="30%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterparties</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=5 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transaction</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>maturity</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=5 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7.024pt" rowSpan=5 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$)</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6.424pt" rowSpan=5 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$)</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=5 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Paid in</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2012</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=5 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7.024pt" rowSpan=5 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$)</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6.424pt" rowSpan=5 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$)</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=5 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>in 2011</FONT></B></TD>

   <TD rowSpan=5 width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=5 width="6%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Impact</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>on P&amp;L in</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>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="30%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>CSFB</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2/13/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>107,500</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 6.96pt" bgColor=#f2f2f2 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>183,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 5.279pt" bgColor=#f2f2f2 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(186,817)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 5.695pt" bgColor=#f2f2f2 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,817)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>107,500</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 8.16pt" bgColor=#f2f2f2 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>182,432</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 5.16pt" bgColor=#f2f2f2 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(184,556)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,124)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,693)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>CSFB</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5/14/2012</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>107,500</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 6.96pt" width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>183,135</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 5.279pt" width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(186,082)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 5.695pt" width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,947)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,947)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>CSFB</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8/13/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>86,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6.96pt" bgColor=#f2f2f2 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>146,514</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.279pt" bgColor=#f2f2f2 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(148,606)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.695pt" bgColor=#f2f2f2 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,092)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,092)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 6.96pt" width="6%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>512,649</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 5.279pt" width="6%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(521,505)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 5.695pt" width="6%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(8,856)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 8.16pt" width="6%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>182,432</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 5.16pt" width="6%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(184,556)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,124)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(6,732)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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 liabilities and totals R$1,095 as of September 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 a loss totaling R$7,827 (loss of R$16,337 as of September 30, 2011).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 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 September 30, 2012 recognized in liabilities, amounting to R$1,095. The Company considered the scenarios below for the real-dollar parity volatility.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="25%"></TD>

   <TD width="2%"></TD>

   <TD width="17%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="9%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=11 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Notional amount</FONT></STRONG> </TD>

   <TD>&nbsp;</TD>

   <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Risk</FONT></B>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25%</FONT></B>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>50%</FONT></B>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25%</FONT></B>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>50%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>LIBOR-to-CDI interest rate swap</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>86,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(Libor) US$</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,717)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,825)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,717</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,825</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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 September 30, 2012 in the consolidated interim financial statements. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></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="55%" 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" width="28%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Impact on profit or loss</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Changes in interest rates</FONT></B>&nbsp;</TD>

   <TD width="2%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>% p.a</FONT></B>&nbsp;</TD>

   <TD width="2%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>TJLP</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 15pt" bgColor=#f2f2f2 width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.50</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,874</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>

   <P style="MARGIN-RIGHT: 2pt">&nbsp;<FONT size=1 face=Arial>9,335</FONT> </P></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Libor</FONT>&nbsp;</TD>

   <TD width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 15pt" width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.64</FONT>&nbsp;</TD>

   <TD width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,469</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right>

   <P style="MARGIN-RIGHT: 2pt">&nbsp;<FONT size=1 face=Arial>5,129</FONT> </P></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CDI</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 15pt" bgColor=#f2f2f2 width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.36</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53,658</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>

   <P style="MARGIN-RIGHT: 2pt">&nbsp;<FONT size=1 face=Arial>61,772</FONT> </P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </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: 0cm 0cm 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: 0cm 0cm 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 BM&amp;F BOVESPA.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Equity</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>, in other comprehensive income. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

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   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 10.571pt" width="28%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other comprehensive income</FONT></B>&nbsp;</TD></TR>

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   <TD width="70%" align=left>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net change in the fair value of financial</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=ArialMT,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>

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   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>instruments classified as available for sale</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 35.999pt" bgColor=#f2f2f2 width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>505,803</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(767,015)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>&nbsp;</DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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 values as of September 30, 2012. Sensitivity analysis is based on the assumption of maintaining as probable scenario the market values as of September 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>- Scenario 4: (50% devaluation of shares);</FONT></P>

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   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

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   <TD width="10%"></TD>

   <TD width="2%"></TD>

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   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

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   <P style="MARGIN-LEFT: 0pt" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Impact on equity</FONT></B></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Companies</FONT></B>&nbsp;</TD>

   <TD width="2%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Probable</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25%</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>50%</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25%</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>50%</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Usiminas</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>505,325</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>534,295</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,068,591</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(534,295)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,068,591)</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Panatl&#226;ntica</FONT>&nbsp;</TD>

   <TD width="2%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>478</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,738</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,477</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,738)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,477)</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="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>505,803</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>537,033</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>1,074,068</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>(537,033)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,074,068)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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; </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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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; </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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company holds margin deposits totaling R$406,553 (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. In addition to this amount, the Company has, through its jointly controlled entity MRS, R$8,658 (R$ 8,227 as of December 31, 2011) linked to financing transactions with BNDES, which is part of the guarantee of these transactions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<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>

   <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="36%" 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=Arial-BoldMT,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left>&nbsp; </TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" align=left>&nbsp; </TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31/12/2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31/12/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Payables to related parties (Note 4 b and c )</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>258,914</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>185,176</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>993,869</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>458,094</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,088,050</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,094,453</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,720,126</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,736,132</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrealized losses on derivatives (Note 15 I)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,873</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,971</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,095</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,124</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>387,742</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>373,430</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends and interest on capital payable to Company owners (Note 4 a)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>180,946</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>622,164</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>180,946</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>622,164</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" 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=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends and interest on capital payable to non-controlling shareholders</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>169,646</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>306,760</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>169,646</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>305,717</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Advances from customers</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60,904</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,868</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,891</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,862</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" 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=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes in installments</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>213,247</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>311,114</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>185,594</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>292,699</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,907,050</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,922,283</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,737,341</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,774,533</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Profit sharing - employees</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>98,270</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>131,755</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>79,225</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,806</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" 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=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>144,876</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>144,637</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,885</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45,781</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>211,595</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>203,354</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>105,473</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>122,529</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="36%" 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=Arial-BoldMT,Arial,Helvetica,sans-serif>1,130,676</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>1,728,445</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>1,660,151</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>1,862,247</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>5,594,437</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>5,593,520</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>9,562,940</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>9,633,194</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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 are described in note 4.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><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: 0cm 0cm 0pt 18pt"><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: 0cm 0cm 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; </FONT></B><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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm"><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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 September 30, 2012 was R$826,499 (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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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 September 30, 2012 was R$1,978,533 (R$2,094,741 as of December 31, 2011) in consolidated and R$1,801,428 (R$1,928,872 as of December 31, 2011) in Company.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 82of 108</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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 September 30, 2012, is R$141,764 (R$138,656 as of December 31, 2011) in consolidated and R$121,507 (R$138,360 as of December 31, 2011) in Company.</FONT></P>

<P style="MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>18.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PROVISION FOR TAX, SOCIAL SECURITY, LABOR, CIVIL AND ENVIRONMENTAL RISKS AND JUDICIAL DEPOSITS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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="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=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012&nbsp;</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><STRONG><FONT size=1 face=Arial>12/31/2011</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accrued</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Judicial</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accrued</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Judicial</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>liabilities</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>deposits</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>liabilities</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>deposits</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.759pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Social security and labor</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>251,373</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>157,779</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>284,556</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>131,443</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.759pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Civil</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>112,840</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,310</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102,486</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,909</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.759pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Environmental</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.759pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>213,312</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>352,261</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>86,014</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>353,778</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.759pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Judicial deposits</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,618</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,928</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>584,431</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>596,968</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>479,962</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>563,058</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Legal obligations challenged in courts:</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.759pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.519pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Salary premium for education</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,121</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,189</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,121</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,189</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.519pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax on &#8221;Plano Ver&#227;o&#8221;</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,892</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>337,855</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,892</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>345,676</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.519pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>98,399</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,818</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>104,488</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,788</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>152,412</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>385,862</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>158,501</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>391,653</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>736,843</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>982,830</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>638,463</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>954,711</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total current</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>289,442</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>292,178</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total non-current</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>447,401</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>982,830</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>346,285</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>954,711</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,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%">&nbsp; </TD>

   <TD width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accrued</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Judicial</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accrued</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Judicial</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>liabilities</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>deposits</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>liabilities</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>deposits</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.9pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Social security and labor</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>191,059</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>127,429</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>200,401</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>105,292</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.9pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Civil</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72,362</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,476</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>65,076</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,308</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.9pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Environmental</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.9pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>188,631</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>337,057</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,068</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>314,756</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.9pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Judicial deposits</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,609</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,663</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>458,958</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>530,571</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>331,451</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>486,019</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.14pt" bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Legal obligations challenged in courts:</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.9pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.66pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Salary premium for education</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,121</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,189</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,121</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,189</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.66pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax on &#8221;Plano Ver&#227;o&#8221;</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,892</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>337,855</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,892</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>345,676</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.66pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>96,848</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,818</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102,965</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,788</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>150,861</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>385,862</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>156,978</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>391,653</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>609,819</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>916,433</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>488,429</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>877,672</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.14pt" width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total current</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>220,819</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>225,997</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.14pt" bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total non-current</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>389,000</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>916,433</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>262,432</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>877,672</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 83of 108</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The changes in the provision for tax, social security, labor, civil and environmental risks in the period ended September 30, 2012 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="11%"></TD>

   <TD width="2%"></TD>

   <TD width="11%"></TD>

   <TD width="2%"></TD>

   <TD width="9%"></TD>

   <TD width="2%"></TD>

   <TD width="11%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="9%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="99%" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="76%" colSpan=11 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current + non-current</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=15>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Inflation</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="12%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="9%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="10%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nature</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Additions&nbsp;</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><STRONG><FONT size=1 face=Arial>adjustment</FONT></STRONG>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Utilization</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.207pt" bgColor=#f2f2f2 width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>244,515</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>129,050</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,437</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,278)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>365,724</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>220</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.207pt" width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Social security</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>61,536</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>965</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,188</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(22,087)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,602</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="9%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="10%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.207pt" bgColor=#f2f2f2 width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Labor</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>223,020</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,302</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,384</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34,935)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>208,771</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>192,964</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>204,615</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.207pt" width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Civil</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102,486</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,629</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,200</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,475)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>112,840</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>96,478</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>87,343</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.207pt" bgColor=#f2f2f2 width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Environmental</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="11%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="11%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>638,463</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>158,946</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>16,209</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(76,775)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>736,843</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>289,442</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>292,178</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=15>&nbsp; </TD></TR>

<TR>

   <TD width="99%" colSpan=15>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="99%" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="76%" colSpan=11 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current + non-current</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=15>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Inflation</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="12%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="9%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="10%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 17.115pt" width="12%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nature</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Additions </FONT></B></TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><STRONG><FONT size=1 face=Arial>adjustment</FONT></STRONG>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Utilization</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>216,046</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>129,050</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,560</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,164)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>339,492</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Social security</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,477</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>965</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,188</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(28)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,602</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="9%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="10%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Labor</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160,924</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,392</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,090</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,949)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>148,457</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>148,457</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160,921</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Civil</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>65,076</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,059</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,377</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,150)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72,362</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72,362</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>65,076</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Environmental</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="11%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="11%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>488,429</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>149,466</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,215</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(40,291)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>609,819</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>220,819</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>225,997</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The provision for tax, social security, labor, civil and environmental liabilities was estimated by management and is mainly based on the legal counsel&#8217;s assessment. Only proceedings for which the risk is classified as probable loss are accrued. Moreover, this provision includes tax liabilities resulting from contingencies filed by the Company, subject to SELIC (Central Bank&#8217;s policy rate).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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$8,961,075, of which R$1,170,921 related to labor and social security lawsuits, R$679,093 to civil lawsuits, and R$25,156 to environmental 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>As for the tax lawsuits these represent R$7,085,905, and R$1,934,785 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><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>As of September 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> the Company and its subsidiaries are defendants in </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>12,345 </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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$208,771 (R$223,020 as of December 31, 2011).</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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><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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 84of 108</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_85></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></U></B>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></U></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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 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$112,840 as of September&nbsp; 30, 2012 (R$102,486 as of December 31,
2011)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>I - Income tax and social contribution </FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&#8220;Ver&#227;o&#8221; Plan</FONT></B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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;Plano Ver&#227;o&#8221;). </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of September 30, 2012, there is an amount of R$337,855
(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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>II - Salary premium for education - "Sal&#225;rio
Educa&#231;&#227;o"</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of September 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: 0cm 0cm 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: 0cm 0cm 0pt"><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>III - Other</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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 provision for lawsuits
relating to INSS, FGTS Complementary Law 110, PIS Law 10,637/02 and PIS/COFINS &#8211;
Manaus Free Trade Zone, totaling R$96,848 as of September 30, 3012 (R$102,965 as
at December 31, 2010), which includes legal charges.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Competition&nbsp;</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><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: 0cm 0cm 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. &nbsp;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: 0cm 0cm 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;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 85of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_86></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Environmental&nbsp;</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>In July 2012 the Company received a legal
notice in the lawsuit filed by the State Attorney's Office of the State of Rio
de Janeiro, related to Volta Grande IV district in the city of Volta Redonda-RJ,
claiming, among others, the removal of two industrial waste cells and 750 (seven
hundred and fifty) homes. This lawsuit is classified as probable loss risk, but
there is not an estimated amount due to the illiquidity of the
claims.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>As a result of the lawsuit mentioned in the
paragraph above, in September 2012 the Company received a legal notice related
to an individual lawsuit filed by one of the dwellers of the Volta Grande IV
district, who claims the payment of compensation for property damages and pain
and suffering, whose amounts are illiquid at the moment, and this lawsuit is
classified as possible loss risk.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PROVISION FOR ENVIRONMENTAL LIABILITIES AND ASSET
DECOMMISSIONING</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>As of September 30, 2012, a provision is
recognized in the amount of R$392,915 (R$312,612 as of December 31, 2010) in
consolidated and R$388,110 (R$306,079 as of December 31, 2011) in Company for
expenditures relating to environmental investigation and recovery services for
potentially contaminated areas surrounding establishments in the States of Rio
de Janeiro, Minas Gerais and Santa Catarina. Estimated expenditures will be
reviewed periodically and the amounts already recognized will be adjusted
whenever needed. 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. This provision is recognized in operating expenses.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The provision is 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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 September 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: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b)
Decommissioning of assets</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 September 30, 2012 is R$26,236 (R$24,327 as of
December 31, 2011) in consolidated and R$16,266 (R$15,148 as of December 31,
2011) in Company.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 86of 108</P>
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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>20.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SHAREHOLDERS&#180;EQUITY&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i. Paid-in capital </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Fully subscribed and paid-in capital as of September 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, 2011) 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: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii. Authorized capital</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s bylaws in effect as of September 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: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iii. Legal reserve</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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 &nbsp;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: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iv.</FONT></B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Treasury shares</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of
September 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: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>v. Ownership structure</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of September 30, 2012, the Company&#8217;s ownership
structure was as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

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    <TD width="40%"></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>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,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%">&nbsp; </TD>
    <TD style="TEXT-INDENT: 15.006pt" width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Number of</FONT>&nbsp;</TD>
    <TD width="2%" align=center>&nbsp; </TD>
    <TD width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>% of total</FONT>&nbsp;</TD>
    <TD width="2%" align=center>&nbsp; </TD>
    <TD width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Number of</FONT>&nbsp;</TD>
    <TD width="2%" align=center>&nbsp; </TD>
    <TD width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>% of total</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>common
      shares</FONT>&nbsp;</TD>
    <TD width="2%" align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3.72pt" width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>shares</FONT>&nbsp;</TD>
    <TD width="2%" align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>common
      shares</FONT>&nbsp;</TD>
    <TD width="2%" align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8.16pt" width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>shares</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vicunha Siderurgia
    S.A.</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>697,719,990</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47.86%</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>697,719,990</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47.86%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Rio Iaco Participa&#231;&#245;es S.A.
      (*)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,193,503</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.99%</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,193,503</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.99%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Caixa Beneficente dos Empregados
      da CSN - CBS</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,788,231</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.88%</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,788,231</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.88%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BNDES Participa&#231;&#245;es S.A. -
      BNDESPAR</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,509,316</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.89%</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,773,516</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.18%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>JP Morgan Chase Bank -
    ADRs</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>372,242,803</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25.53%</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>373,772,695</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25.64%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BOVESPA</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>289,516,265</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.85%</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>283,722,173</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.45%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,457,970,108</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100.00%</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,457,970,108</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100.00%</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Treasury
    shares</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=left>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=left>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=left>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=left>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.294pt" bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total
    shares</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,457,970,108</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100.00%</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,457,970,108</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100.00%</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><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: 0cm 0cm 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: 0cm 0cm 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$348,981 as of September 30, 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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 Shareholders&#8217; 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: 0cm 0cm 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: 0cm 0cm 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></DIV>
<P style="TEXT-ALIGN: right">PAGE 87of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name="page_88"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt">&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=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=left><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nine-month period ended</FONT></B>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=left><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross revenue</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.6pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,136,600</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,130,788</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,731,153</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,392,258</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.6pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,604,051</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,689,875</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,428,139</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,693,443</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14,740,651</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14,820,663</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,159,292</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,085,701</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Deductions</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.6pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Canceled sales and discounts</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(241,882)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(183,331)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(69,742)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(77,330)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.6pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes levied on sales</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,199,029)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,284,438)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(822,376)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(767,677)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,440,911)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,467,769)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(892,118)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(845,007)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net revenue</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,299,740</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,352,894</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,267,174</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,240,694</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp; </TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=left><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nine-month period ended</FONT></B>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=left><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross revenue</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.6pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,167,551</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,096,918</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,327,371</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,947,660</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.6pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>741,550</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,014,339</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>218,724</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>309,669</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,909,101</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,111,257</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,546,095</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,257,329</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Deductions</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.6pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Canceled sales and discounts</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(217,323)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(163,252)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(49,994)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(70,206)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.6pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes levied on sales</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,951,672)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,007,489)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(721,899)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(637,210)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,168,995)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,170,741)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(771,893)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(707,416)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net revenue</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,740,106</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,940,516</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,774,202</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,549,913</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 88of 108</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_89"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&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=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nine-month period ended</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.538pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Raw materials and inputs</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,442,813)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,748,737)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,047,444)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,121,945)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.759pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Labor cost</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,247,351)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,075,907)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(425,612)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(373,517)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.759pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Supplies</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(821,635)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(791,237)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(261,704)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(263,397)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.759pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Maintenance cost (services and materials)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(896,394)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(912,295)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(321,413)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(251,397)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.538pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Outsourced services</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,743,497)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,400,363)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(623,680)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(498,516)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.538pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation, amortization and depletion (Note 12 b)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(879,636)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(677,967)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(303,604)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(221,725)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.538pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other (*)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(838,564)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(418,780)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(511,433)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(28,742)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(9,869,890)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(8,025,286)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3,494,890)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,759,239)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Classified as:</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.759pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of sales (Note 26)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,837,043)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,242,420)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,103,390)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,522,120)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.759pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling expenses (Note 26)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(589,854)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(376,402)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(230,355)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(110,633)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.538pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>General and administrative expenses (Note 26)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(442,993)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(406,464)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(161,145)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(126,486)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(9,869,890)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(8,025,286)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3,494,890)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,759,239)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nine-month period ended</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.538pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Raw materials and inputs</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,451,926)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,314,213)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(828,453)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(882,030)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.759pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Labor cost</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(802,581)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(755,956)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(287,853)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(253,800)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.759pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Supplies</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(649,383)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(634,981)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(203,563)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(206,762)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.759pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Maintenance cost (services and materials)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(748,686)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(769,544)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(274,915)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(196,929)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.538pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Outsourced services</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(674,685)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(612,718)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(246,740)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(204,570)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.538pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation, amortization and depletion (Note 12 b)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(672,369)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(537,394)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(228,879)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(172,315)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.538pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other (*)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(472,032)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(184,095)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(254,904)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60,322</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(6,471,662)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(5,808,901)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,325,307)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,856,084)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Classified as:</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.759pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of sales (Note 26)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,989,770)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,302,870)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,158,245)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,713,932)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.538pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling expenses (Note 26)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(233,420)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(245,228)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(86,123)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(67,096)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.538pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>General and administrative expenses (Note 26)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(248,472)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(260,803)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(80,939)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(75,056)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(6,471,662)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(5,808,901)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,325,307)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,856,084)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Included increase/reduction in finished goods and work in process.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 89of 108</P>

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<A name="page_90"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><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; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&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></TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><STRONG><FONT size=1 face=Arial>Consolidated</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nine-month period ended</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.252pt" bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other operating income</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.572pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sale of Riversdale shares (Note 11)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>698,164</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.572pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>PIS/COFINS/ICMS untimely credits</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,096</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>407</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.572pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Discount to present value - taxes</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,694</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,371</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.572pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Law suit indemnities/wins</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,735</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,730</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,258</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,398</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.572pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reversal of provisions</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,953</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>782</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.572pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends received from third parties</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>308</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,584</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,536</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.572pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other income</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,278</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,337</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,669</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,634</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>80,370</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>762,509</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>23,116</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,939</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.852pt" width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other operating expenses</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.172pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes and fees</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(80,277)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(39,089)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(24,605)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,314)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.32pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect of REFIS - Law 11,941/09 and MP 470/09</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,119)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.32pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for tax, social security, labor and civil for contingencies, net of reversion</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(243,369)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(50,673)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(51,880)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(285)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.32pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Contractual, nondeductible fines</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(65,257)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(39,926)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,523)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14,209)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.32pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed cost of equipment stoppages</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,033)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23,196)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,265)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,198)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.172pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Write-off of obsolete assets</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(52,571)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(42,805)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,382)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(22,379)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.32pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expenses on studies and project engineering</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(39,090)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,749)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,849)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,616)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.32pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension plan (Note 28 c)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,256)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(50,144)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,952)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.32pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Healthcare plan (Note 28 e)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(26,921)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(28,176)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,867)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,989)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.32pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Impairment loss adjustment</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(60,861)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(60,861)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.32pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Impairment of available-for-sale security (Note 15 II)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,022,793)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.172pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other expenses</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29,443)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(47,233)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,608)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14,802)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,590,010)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(428,971)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(137,979)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(171,605)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.852pt" width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other operating income (expenses)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,509,640)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>333,538</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(114,863)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(145,666)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=right></TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><STRONG><FONT size=1 face=Arial>Parent Company</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nine-month period ended</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other operating income</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.172pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sale of securities</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,336</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.32pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>PIS/COFINS/ICMS untimely credits</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,059</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>407</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.172pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Law suit indemnities/wins</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,261</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,354</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>792</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,398</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.32pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Rentals and leases</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,457</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,521</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>745</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>861</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.32pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reversal of provisions</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,033</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,728)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.32pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Discount to present value - taxes</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,694</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,371</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.32pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends received from third parties</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,628</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>447</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.172pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other income</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,971</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,160</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,391</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,236</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>72,781</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>142,693</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,607</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,313</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.252pt" width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other operating expenses</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.572pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes and fees</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,683)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,346)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,848)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,441)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.572pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect of REFIS - Law 11,941/09 and MP 470/09</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,119)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.572pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for tax, social security, labor and civil for contingencies, net of reversion</FONT></TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(234,768)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(40,660)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(51,953)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,016</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.572pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Contractual, nondeductible fines</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(69,611)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(48,389)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,422)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14,770)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.572pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed cost of equipment stoppages</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(19,624)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21,097)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,832)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,353)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.572pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Write-off of obsolete assets</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(22,400)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21,994)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,663)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,744)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.572pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expenses on studies and project engineering</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(35,151)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,721)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,050)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,588)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.572pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension plan</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,218)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(46,840)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,835)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.572pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Healthcare plan</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(26,905)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(28,167)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,862)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,975)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.32pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Impairment of available-for-sale security</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,245,024)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.572pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other expenses</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,385)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(32,970)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,659)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,340)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,676,769)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(292,303)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(103,289)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(67,030)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.32pt" bgColor=#f2f2f2 width="40%" align=left><B><I><FONT size=1 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Other operating income (expenses)</FONT></I></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,603,988)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(149,610)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(101,682)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(55,717)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 90of 108</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_91"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><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; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&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=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nine-month perio</FONT></B><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>d ended</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Three-month pe</FONT></B><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>riod ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.162pt" bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Finance income:</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.162pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Related parties</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,299</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,716</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,860</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,055</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.162pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income from short-term investments</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>182,886</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>398,029</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,996</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>146,316</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.162pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other income</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90,033</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>127,105</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,056</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72,569</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>281,218</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>549,850</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>83,912</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>220,940</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Finance costs:</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings and financing - foreign currency</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(529,131)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(467,312)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(184,467)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(112,790)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.162pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings and financing - local currency</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,197,255)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,156,513)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(359,828)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(540,058)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.162pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Related parties</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(298,565)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(289,641)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(101,431)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(97,460)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capitalized interest (Notes 12 and 32)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>297,471</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>257,965</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>94,664</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>114,896</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Losses on derivatives (*)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,827)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,337)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,920)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,466)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect of REFIS - Law 11,941/09 and MP 470/09, net</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(77,335)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.162pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest, fines and late payment charges</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(123,790)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(191,060)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(33,275)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(61,621)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.162pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other finance costs</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(127,975)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(147,907)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(40,672)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(61,997)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,987,072)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,088,140)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(626,929)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(764,496)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.922pt" width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Inflation adjustments:</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.922pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Gains</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,944</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,515</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>934</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,607</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.922pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Losses</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(99,540)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,798)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,340)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21,994)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(92,596)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(20,283)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(6,406)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(17,387)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.922pt" width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Exchange gains (losses):</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.922pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- On assets</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,030,267</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,730,582</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>148,423</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,400,133</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.922pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- On liabilities</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(684,532)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,564,596)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(83,979)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,301,062)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Exchange gains (losses) on derivatives (*)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,939</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(116,013)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,698)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>121,372</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>355,674</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>49,973</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>52,746</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>220,443</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Inflation adjustment and exchange gains</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(losses), net</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>263,078</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>29,690</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>46,340</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>203,056</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.162pt" width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Finance costs, net</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,442,776)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,508,600)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(496,677)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(340,500)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(*) Statement of gains and losses on derivative transactions</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CDI to USD sw ap</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,308</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(127,638)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,002</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>84,491</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>EUR to USD sw ap</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(731)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,817</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,585)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,444</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,638)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,808</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,115)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,437</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,939</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(116,013)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(11,698)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>121,372</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Libor to CDI sw ap</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,827)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,337)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,920)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,466)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(7,827)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(16,337)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,920)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(5,466)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,112</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(132,350)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(13,618)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>115,906</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 91of 108</P>

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</DIV>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<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>

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<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nine-month perio</FONT></B><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>d ended</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Three-month pe</FONT></B><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>riod ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.923pt" bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Finance income:</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.923pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Related parties</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80,558</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>56,457</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,074</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,680</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.326pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income from short-term investments</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,682</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53,890</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,685)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,581</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.923pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other income</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>66,522</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>96,138</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,177</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>64,228</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>154,762</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>206,485</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31,566</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>95,489</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.163pt" width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Finance costs:</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.163pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings and financing - foreign currency</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(57,029)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(67,936)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,844)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(22,421)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.163pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings and financing - local currency</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(926,080)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(850,947)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(282,043)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(369,323)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.163pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Related parties</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,083,383)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,084,765)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(360,223)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(220,629)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.163pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capitalized interest</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>207,450</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>185,221</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>71,739</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90,196</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.163pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Losses on derivatives (*)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,827)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,337)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,920)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,466)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect of REFIS - Law 11,941/09 and MP 470/09, net</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(77,335)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.163pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest, fines and late payment charges</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(118,620)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(185,666)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(32,098)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(62,938)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.163pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other finance costs</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(119,781)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(120,544)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(39,060)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(50,866)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,105,270)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,218,309)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(662,449)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(641,447)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.923pt" width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Inflation adjustments:</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.923pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Gains</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,083</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>941</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>678</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>71</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.923pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Losses</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,666)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,705)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>387</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,306)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(4,583)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(8,764)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,065</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3,235)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.923pt" width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Exchange gains (losses):</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.923pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- On assets</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>286,822</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>127,475</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,864</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>183,222</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.923pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- On liabilities</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(669,400)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(845,127)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(38,021)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,368,865)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(382,578)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(717,652)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(32,157)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,185,643)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.163pt" width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Inflation adjustment and exchange gains (losses),</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(387,161)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(726,416)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(31,092)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,188,878)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Finance costs, net</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,337,669)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,738,240)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(661,975)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,734,836)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#f2f2f2 width="100%" colSpan=9>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(*) Statement of gains and losses on derivative transactions</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.163pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Libor to CDI sw ap</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,827)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,337)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,920)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,466)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(7,827)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(16,337)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,920)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(5,466)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(7,827)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(16,337)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,920)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(5,466)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>26.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SEGMENT INFORMATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Steel&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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 containers and galvanized steel, with operations in Brazil, the United States, Portugal and Germany. This segment supplies the following markets: construction, steel containers 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 containers. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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 (SWT), 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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 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;&nbsp;&nbsp;
</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Mining&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This segment encompasses the activities of iron ore and
tin mining. The high-quality iron ore operations are located in the Iron
Quadrilateral in MG, the Casa de Pedra mine in Congonhas, MG, that produces high
quality iron ore, as well as the Company&#8217;s subsidiary Nacional Min&#233;rios S.A.
&nbsp;(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.
&nbsp;(ERSA), a company that has both tin mining and casting units. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 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;&nbsp;&nbsp;
</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Logistics &nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i. Railroad</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a) MRS </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b) Transnordestina Log&#237;stica</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Together, CSN and the federal government are making
investments for implementation of the Transnordestina Project for construction
of around 1,728 km of new lines. The work on this project 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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></DIV>
<P style="TEXT-ALIGN: right">PAGE 93of 108</P>
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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii. Ports</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Energy&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cement&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt 14.2pt"><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; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Sales by geographic area</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 94of 108</P>
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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

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   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

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   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nine-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD vAlign=middle width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center>&nbsp; </TD>

   <TD vAlign=middle width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Mining</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center>&nbsp; </TD>

   <TD vAlign=middle width="8%" align=center><STRONG><FONT size=1 face=Arial>Ports</FONT></STRONG>&nbsp;&nbsp; </TD>

   <TD vAlign=middle width="1%" align=center>&nbsp; </TD>

   <TD vAlign=middle width="8%" align=center><STRONG><FONT size=1 face=Arial>Railroads</FONT></STRONG>&nbsp;&nbsp; </TD>

   <TD vAlign=middle width="1%" align=center>&nbsp; </TD>

   <TD vAlign=middle width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Energy</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center>&nbsp; </TD>

   <TD vAlign=middle width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center>&nbsp; </TD>

   <TD vAlign=middle width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>expenses/&nbsp;<BR></FONT></B><STRONG><FONT size=1 face=Arial>elimination</FONT></STRONG> </TD>

   <TD vAlign=middle width="1%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="8%" align=center><STRONG><FONT size=1 face=Arial>Consolidated</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Revenues and expenses</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Metric tons (thou.) - (not reviewed) (*)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,323,107</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,499,337</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,488,694</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Revenues</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.24pt" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,240,795</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>472,360</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>109,085</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>795,333</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>167,881</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>289,318</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(351,824)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,722,948</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.24pt" bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,726,760</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,712,163</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>137,869</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,576,792</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,967,555</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,184,523</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>109,085</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>795,333</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>167,881</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>289,318</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(213,955)</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,299,740</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of sales and services (Note 23)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,562,517)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,680,473)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(61,379)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(541,471)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(105,640)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(219,734)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>334,171</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,837,043)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross profit</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,405,038</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,504,050</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>47,706</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>253,862</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>62,241</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>69,584</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>120,216</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,462,697</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling and administrative expenses (Note 23)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(467,748)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(50,721)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,280)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(70,769)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,412)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(52,182)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(359,735)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,032,847)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation (Note 12 b)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>566,964</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>140,951</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,919</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,694</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,979</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,663</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,466</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>879,636</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,504,254</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,594,280</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>37,345</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>286,787</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>58,808</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>37,065</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(209,053)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,309,486</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Mining</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; <STRONG><FONT size=1 face=Arial>Ports</FONT></STRONG> </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; <STRONG><FONT size=1 face=Arial>Railroads</FONT></STRONG> </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Energy</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>expenses/&nbsp;<BR></FONT></B><STRONG><FONT size=1 face=Arial>elimination</FONT></STRONG> </TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="8%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Consolidated</FONT></STRONG></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sales by geographical area</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Asia</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,183</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,031,648</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>86,734</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,137,565</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>North America</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>453,926</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,589</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,381</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>473,896</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Latin America</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>159,870</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>159,870</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Europe</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,082,864</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>663,926</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47,754</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,794,544</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,917</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,917</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Foreign market</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,726,760</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,712,163</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>137,869</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,576,792</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Domestic market</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,240,795</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>472,360</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>109,085</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>795,333</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>167,881</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>289,318</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(351,824)</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,722,948</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,967,555</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,184,523</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>109,085</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>795,333</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>167,881</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>289,318</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(213,955)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,299,740</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp; </TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp; </TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Mining</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; <STRONG><FONT size=1 face=Arial>Ports</FONT></STRONG> </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; <STRONG><FONT size=1 face=Arial>Railroads</FONT></STRONG> </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Energy</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>expenses/<BR>elimination</STRONG></FONT></TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="8%" align=center><STRONG><FONT size=1 face=Arial>Consolidated</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Revenues and expenses</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Metric tons (thou.) - (not reviewed) (*)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,589,211</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,769,908</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>557,998</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Revenues</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.24pt" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,337,824</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141,941</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,206</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>284,184</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,637</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>108,580</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(124,633)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,844,739</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.24pt" bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>579,084</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>795,297</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,054</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,422,435</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,916,908</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>937,238</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>41,206</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>284,184</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>55,637</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>108,580</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(76,579)</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,267,174</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of sales and services (Note 23)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,322,857)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(570,924)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21,000)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(183,313)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(39,999)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(75,604)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>110,307</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,103,390)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross profit</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>594,051</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>366,314</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20,206</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100,871</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>15,638</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>32,976</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33,728</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,163,784</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling and administrative expenses (Note 23)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(215,938)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,080)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,255)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,027)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,421)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,767)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(108,012)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(391,500)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation (Note 12 b)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>189,305</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47,773</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,714</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,775</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,258</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,339</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,440</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>303,604</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>567,418</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>398,007</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>16,665</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>110,619</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14,475</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>23,548</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(54,844)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,075,888</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Mining</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; <STRONG><FONT size=1 face=Arial>Ports</FONT></STRONG> </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; <STRONG><FONT size=1 face=Arial>Railroads</FONT></STRONG> </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Energy</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>expenses/<BR></FONT></B><STRONG><FONT size=1 face=Arial>elimination</FONT></STRONG> </TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="8%" align=center><STRONG><FONT size=1 face=Arial>Consolidated</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sales by geographical area</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Asia</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,900</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>621,807</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,677</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>662,384</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>North America</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>151,145</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,589</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,381</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>171,115</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Latin America</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,037</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,037</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Europe</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>348,901</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>156,901</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,996</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>523,798</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,101</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,101</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Foreign market</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>579,084</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>795,297</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>48,054</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,422,435</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Domestic market</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,337,824</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>141,941</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>41,206</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>284,184</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>55,637</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>108,580</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(124,633)</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,844,739</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,916,908</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>937,238</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>41,206</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>284,184</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>55,637</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>108,580</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(76,579)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,267,174</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right">PAGE 95of 108</P>

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="28%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

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   <TD width="8%"></TD>

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   <TD width="1%"></TD>

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<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nine-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center></TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp; <STRONG><FONT size=1 face=Arial>Steel</FONT></STRONG> </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp; <STRONG><FONT size=1 face=Arial>Mining</FONT></STRONG> </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ports</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Railroads</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp; <STRONG><FONT size=1 face=Arial>Energy</FONT></STRONG> </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><STRONG><FONT size=1 face=Arial>Cement</FONT></STRONG>&nbsp;&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>elimination</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Revenues and expenses</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Metric tons (thou.) - (not reviewed) (*)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,699,349</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,041,734</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,281,274</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Revenues</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.24pt" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,106,938</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>652,066</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>106,138</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>761,490</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125,103</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>242,748</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(305,727)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,688,756</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.24pt" bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,010,072</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,662,195</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,129)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,664,138</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,117,010</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,314,261</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>106,138</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>761,490</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>125,103</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>242,748</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(313,856)</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,352,894</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of sales and services (Note 23)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,192,364)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,507,679)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(61,559)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(488,411)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(66,857)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(189,377)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>263,827</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,242,420)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross profit</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,924,646</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,806,582</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>44,579</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>273,079</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>58,246</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>53,371</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(50,029)</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,110,474</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling and administrative expenses (Note 23)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(345,780)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(51,892)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,681)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(62,519)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,809)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(49,099)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(242,086)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(782,866)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation (Note 12 b)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>443,187</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,313</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,220</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77,788</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,873</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,082</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,504</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>677,967</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,022,053</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,872,003</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>36,118</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>288,348</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>56,310</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20,354</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(289,611)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,005,575</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Mining</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; <STRONG><FONT size=1 face=Arial>Ports</FONT></STRONG> </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Railroads</FONT></STRONG>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Energy</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>expenses/<BR>elimination</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="8%" align=center><STRONG><FONT size=1 face=Arial>Consolidated</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sales by geographical area</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Asia</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,633</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,137,099</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,152,732</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>North America</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>373,136</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>373,136</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Latin America</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>119,173</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>119,173</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Europe</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>469,787</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>525,096</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>994,883</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,343</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,129)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,214</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Foreign market</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,010,072</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,662,195</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(8,129)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,664,138</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Domestic market</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,106,938</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>652,066</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>106,138</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>761,490</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>125,103</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>242,748</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(305,727)</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,688,756</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,117,010</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,314,261</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>106,138</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>761,490</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>125,103</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>242,748</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(313,856)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,352,894</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp; </TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp; </TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Mining</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; <STRONG><FONT size=1 face=Arial>Ports</FONT></STRONG> </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; <STRONG><FONT size=1 face=Arial>Railroads</FONT></STRONG> </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Energy</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>expenses/<BR>elimination</STRONG><FONT size=3 face="Times New Roman"> </FONT></FONT></TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="8%" align=center><STRONG><FONT size=1 face=Arial>Consolidated</FONT></STRONG>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Revenues and expenses</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Metric tons (thou.) - (not reviewed) (*)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,179,819</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,088,457</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>517,987</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Revenues</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.24pt" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,989,590</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>207,161</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37,618</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>273,286</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,445</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>97,523</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(106,828)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,557,795</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.24pt" bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>310,206</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,373,741</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,048)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,682,899</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,299,796</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,580,902</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>37,618</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>273,286</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>59,445</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>97,523</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(107,876)</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,240,694</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of sales and services (Note 23)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,730,580)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(566,061)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(20,319)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(181,565)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(37,490)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(80,205)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>94,100</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,522,120)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross profit</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>569,216</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,014,841</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,299</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>91,721</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>21,955</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,318</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(13,776)</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,718,574</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling and administrative expenses (Note 23)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(114,723)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14,239)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,025)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(22,692)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,594)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,104)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(56,742)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(237,119)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation (Note 12 b)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141,590</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,266</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,414</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,939</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,623</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,546</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,347</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>221,725</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>596,083</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,039,868</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14,688</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>94,968</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20,984</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,760</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(69,171)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,703,180</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Mining</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; <STRONG><FONT size=1 face=Arial>Ports</FONT></STRONG> </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center>&nbsp; <STRONG><FONT size=1 face=Arial>Railroads</FONT></STRONG> </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Energy</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>expenses/<BR></FONT></B><STRONG><FONT size=1 face=Arial>elimination</FONT></STRONG> </TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="8%" align=center><STRONG><FONT size=1 face=Arial>Consolidated</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp; </TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sales by geographical area</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Asia</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,928</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,117,676</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,126,604</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>North America</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>126,014</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>126,014</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Latin America</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>52,931</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>52,931</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Europe</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>104,295</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>256,065</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>360,360</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,038</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,048)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,990</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Foreign market</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>310,206</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,373,741</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,048)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,682,899</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Domestic market</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,989,590</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>207,161</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>37,618</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>273,286</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>59,445</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>97,523</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(106,828)</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,557,795</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.04pt" bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,299,796</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,580,902</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>37,618</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>273,286</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>59,445</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>97,523</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(107,876)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,240,694</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The adjusted EBITDA consists of profit for the period 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><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: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: right">PAGE 96of 108</P>

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&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>

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   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nine-m onth period ended</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.371pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,309,486</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,005,575</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,075,888</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,703,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.371pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation (Note 12 b)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(879,636)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(677,967)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(303,604)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(221,725)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other operating income (expenses)(Note 24)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,509,640)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>333,538</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(114,863)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(145,666)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Share of profits (losses) of subsidiaries</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(79)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(79)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.371pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Finance costs (Note 25)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,442,776)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,508,600)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(496,677)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(340,500)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.371pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Profit before taxes</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,522,645)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,152,546</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160,665</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>995,289</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.371pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax and social contribution (Note 9)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>725,934</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(302,459)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,570)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>101,941</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Profit for the period</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(796,711)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,850,087</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>159,095</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,097,230</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>27.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 0cm 0cm 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: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Basic earnings per share:</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt">&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=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=left><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nine-month period ended</FONT></B></TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=left><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Common shares</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Common shares</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.288pt" bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Profit for the period</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Attributable to owners of the Company</FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(751,952)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,874,190</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>169,714</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,118,187</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Attributable to non-controlling interests</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(44,759)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(24,103)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,619)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(20,957)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(796,711)</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,850,087</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>159,095</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,097,230</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Weighted average number of shares</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.288pt" width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Basic and diluted earnings per share</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(0.51575)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.97136</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.11640</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.76695</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=left><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nine-month period ended</FONT></B></TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=left><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Common shares</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Common shares</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.288pt" bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Profit for the period</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Attributed to owners of the Company</FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(751,952)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,874,190</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>169,714</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,118,187</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.288pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Weighted average number of shares</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.288pt" width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Basic and diluted earnings per share</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(0.51575)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.97136</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.11640</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.76695</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>28.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>EMPLOYEE BENEFITS&nbsp;&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 </FONT>


<FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></P></DIV>

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   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>new Mixed Plan. In addition, all active employees who were participants of the old defined benefit plans had the opportunity to switch to the new Mixed Plan. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of September 30, 2012 CBS had 33,006 participants (31,482 as of December 31, 2011), of whom 18,203 were active contributors (16,603 as of December 31, 2011), 9,626 were retired employees (9,705 as of December 31, 2011), and 5,177 were related beneficiaries (5,174 as of December 31, 2011). Out of the total participants as of September 30, 2012, 13,488 belonged to the defined benefit plan and 19,518 to the mixed plan.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 September 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 September 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Description of the pension plans</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Supplementary average salary plan</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Mixed supplementary benefit plan</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CBSPrev Namisa plan </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Investment policy</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>c.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee benefits</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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 interim financial statements pursuant to
CPC 33 and IAS 19 Employee Benefits.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <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 width="70%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="70%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,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=Arial-BoldMT,Arial,Helvetica,sans-serif>Obligations recognized in the
      balance sheet</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension plan
    benefits</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,673</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,673</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Post-employment healthcare
      benefits</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>457,377</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>457,377</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="70%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>469,050</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>469,050</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
reconciliation of employee benefits&#8217; assets and liabilities is as
follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="84%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="84%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="84%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Present value of defined benefit
      obligations</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,153,649)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="84%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fair value of plan
    assets</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,384,450</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="84%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Deficit)/surplus</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>230,801</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="84%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Restriction to actuarial assets
      due to recovery limitation</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(174,926)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="84%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Liabilities)/assets,
      net</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>55,875</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="84%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Liabilities</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,673)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="84%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Assets (*)</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>67,548</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="84%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net (liabilities)/assets
      recognized in balance sheet</FONT></B>&nbsp;</TD>
    <TD width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(11,673)</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Changes in the present value of defined benefit obligation
during 2011 are as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="84%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="84%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="84%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Present value of obligations
      at the beginning of the year</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,982,556</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="84%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of services</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,579</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="84%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>202,242</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="84%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Benefits paid</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(178,403)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="84%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial
    loss/(gain)</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141,675</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="84%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="84%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Present value of obligations
      at the end of the year</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,153,649</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><BR clear=all></FONT></B>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">PAGE 99of 108</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_100></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Changes in the fair values of plan assets during 2011 are
as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="83%"></TD>
    <TD width="2%"></TD>
    <TD width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="83%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="83%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value of assets at the
      beginning of the year</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,316,018</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="83%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expected return on plan
      assets</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>260,163</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="83%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sponsors'
    contributions</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>67,709</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="83%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Participants'
    contributions</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="15%" align=left>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="83%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Benefits paid</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(178,402)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="83%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial (gains)
    losses</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(81,038)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="83%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value of assets at the
      end of the year</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,384,450</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="83%"></TD>
    <TD width="2%"></TD>
    <TD width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="83%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="83%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of current
    services</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,579)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="83%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(202,242)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="83%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expected return on plan
      assets</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>260,163</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="83%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sponsors' contributions
      transferred in prior year</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>67,710</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="83%" align=left>&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>120,052</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="83%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total unrecognized revenue
      (*)</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,678</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="83%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total (cost)/revenue recognized in
      the income statement</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,374</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="83%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total (costs)/revenues,
      net</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>120,052</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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 Employee
Benefits.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="83%"></TD>
    <TD width="2%"></TD>
    <TD width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="83%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="83%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial gains and
      (losses)</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(222,712)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="83%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Restriction due to recovery
      limitation</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>105,655</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="83%" align=left>&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(117,057)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="83%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial gains and (losses)
      recognized in other comprehensive income</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(28,048)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="83%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrecognized actuarial
      gains/(losses) (*)</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(89,009)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="83%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total cost of actuarial
      (gains) and losses</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(117,057)</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt">&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=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2010</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2009</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2009
    (**)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Present value of defined benefit
      obligations</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,153,649)</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,982,556)</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,731,767)</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,415,029)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fair value of plan
    assets</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,384,450</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,316,018</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,160,158</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,396,350</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Surplus</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>230,801</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>333,462</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>428,391</FONT></B>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(18,679)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Experience adjustments to plan
      obligations</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141,675</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>225,341</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>287,146</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=left>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Experience adjustments to plan
      assets</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(81,038)</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,669</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>664,341</FONT>&nbsp;</TD>
    <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>
    <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR></TABLE>
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<P style="TEXT-ALIGN: right">PAGE 100of 108</P>
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<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="2%"></TD>

   <TD width="43%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="43%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.708pt" bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial financing method</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Projected unit credit</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.708pt" width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Functional currency</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Real (R$)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.708pt" bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Recognition of plan assets</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fair value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Best estimate for equity at the end of the</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>fiscal year, obtained based on a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amount used as estimate of equity at the end of the year</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>projection of October amounts recorded</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.708pt" bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Discount rate</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.46%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.708pt" width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inflation rate</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.6%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.708pt" bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nominal salary increase rate</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.65%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.708pt" width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nominal benefit increase rate</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.6%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.708pt" bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Rate of return on investments</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.52% - 12.24%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.708pt" width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>General mortality table</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>AT 2000 segregated by gender</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.708pt" bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disability table</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mercer Disability with probabilities</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>multiplied by 2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.708pt" width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disability mortality table</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Winklevoss - 1%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.708pt" bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Turnover table</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Millennium plan 2% p.a., nil for DB plans</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100% on first date he/she becomes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>eligible for programmed retirement benefit</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.708pt" width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Retirement age</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>under plan</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95% will be married at the time of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>retirement, with the wife being 4 years</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Household of active participants</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="43%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>younger than the husband</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Longevity at age of 65 for current participants</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Male</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.55</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Female</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.17</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Allocation of plan assets:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<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 width="70%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.292pt" bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Variable income</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>360,958</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.14%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.292pt" width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed income</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,756,831</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73.68%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.292pt" bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Real estate</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>190,756</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.00%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.292pt" width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>75,905</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.18%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,384,450</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100.00%</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expected long-term return on plan assets:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.296pt" bgColor=#f2f2f2 width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Variable income</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18.05%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.296pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed income</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.53%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.296pt" bgColor=#f2f2f2 width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Real estate</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.34%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.296pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.34%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="85%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11.78%</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 101of 108</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_102"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the defined benefit plans, the expense as of September 30, 2012 was R$5,256 (R$50,144 as of September 30, 2011).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the mixed plan, which has defined contribution components, the expense as of September 30, 2012 was R$23,546 (R$18,805 as of September 30, 2011).</FONT></P>

<P style="MARGIN: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>d.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expected contributions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>e.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Post-employment health care plan </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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. &nbsp;The plan is sponsored by CSN and administered by Caixa Beneficente dos Empregados da Cia. Sider&#250;rgica Nacional - CBS. &nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<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 width="70%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Present value of obligations</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>457,377</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>457,377</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>457,377</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>457,377</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><BR>The reconciliation of liabilities for healthcare benefits is as follows:</P></FONT>&nbsp;

<P></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial liabilities at the beginning of the year</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>367,839</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest on actuarial obligation</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,616</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sponsors' contributions transferred in prior year</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 9.72pt" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34,653)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Recognition of (gain)/loss for the year</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>84,575</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="85%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Actuarial liabilities at the end of the year</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>457,377</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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 September 30, 2012 was R$26,921 (R$28,176 as of September 30, 2011).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The actuarial gains and losses recognized in Shareholders&#8217; Equity are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial loss on obligation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>84,575</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Loss recognized in equity</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>84,575</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 102of 108</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_103"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt">&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=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2010</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2009</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2009 (**)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Present value of defined benefit obligation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(457,377)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(367,839)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(317,145)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(296,608)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Deficit)/surplus</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(457,377)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(367,839)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(317,145)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(296,608)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Experience adjustments to plan obligations</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>84,575</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,301</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,232</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,023</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(**) 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: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<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 width="70%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0pt" width="28%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,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="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Increase</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=center>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Decrease</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect on total cost of current service and finance cost</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=center>&nbsp; </TD>

   <TD width="2%" align=center>&nbsp; </TD>

   <TD width="13%" align=center>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect on defined benefit obligation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2; TEXT-INDENT: 0pt" width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,032</FONT></TD>

   <TD bgColor=#f2f2f2 width="2%" align=center>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(35,916)</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="2%"></TD>

   <TD width="43%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="43%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Biometrics</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="43%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>General mortality table</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="43%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>AT 2000 segregated by gender</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Turnover</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="43%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Household</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="43%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actual household</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp; </TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="43%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial nominal discount rate</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="43%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.46%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inflation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="43%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.6%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Increase in medical cost based on age</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="43%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.6%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nominal medical costs grow th rate</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="43%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.31%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Average medical cost</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="43%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>299.69</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 103of 108</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_104"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>GUARANTEES&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt">&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 width="20%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Currency</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Maturities</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Borrowings</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Tax foreclosure</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Up to 5/8/2028</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transnordestina</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>and undefined</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,571,524</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,358,657</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,800</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,800</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,866</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,686</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,578,190</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,368,143</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Up to</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11/18/2014 and</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Cimentos</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>undefined</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,813</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,213</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,397</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,097</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>67,210</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60,310</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Up to 2/7/2014</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prada</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>and undefined</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,133</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,958</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,075</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,440</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,208</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,398</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sepetiba Tecon</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>700</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>It&#225; Energ&#233;tica</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9/15/2013</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,326</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,326</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,326</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,326</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Up to</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12/30/2012 and</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Energia</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>undefined</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,192</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,392</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,336</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,192</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,728</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Congonhas Min&#233;rios</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21/5/2018</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,000,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Funda&#231;&#227;o CSN</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>undefined</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,003</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,003</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total em R$</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,579,853</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,366,683</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>40,938</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>44,363</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>67,338</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>42,559</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,688,129</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,453,605</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands VIII</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12/16/2013</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>550,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>550,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>550,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>550,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands IX</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/15/2015</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>400,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands XI</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9/21/2019</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>750,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>750,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>750,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>750,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands XII</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Perpetual</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Resources</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7/21/2020</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,200,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,200,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total em US$</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,900,000</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,700,000</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,900,000</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,700,000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Steel S.L.</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>EUR</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/31/2020</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>120,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>120,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in EUR</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>120,000</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>120,000</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in R$</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,232,648</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,940,460</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,232,648</FONT></B>&nbsp;</TD>

   <TD width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,940,460</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,812,501</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,307,143</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>40,938</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>44,363</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>67,338</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>42,559</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,920,777</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,394,065</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 104of 108</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp;<A name="page_105"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>COMMITMENTS &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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; </FONT></B><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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of September 30, 2012, the Company was a party to take-or-pay contracts as shown in the following table: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="29%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="3%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="29%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.44pt" width="11%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Payments in the</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="4%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="4%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="4%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="3%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="4%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="4%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="29%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>period</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left>&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left>&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left>&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left>&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left>&nbsp;&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1.2pt" width="6%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Concessionaire</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Type of service</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Agreement terms and conditions</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2013</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2014</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.04pt" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>After 2015</FONT></B></TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><STRONG><FONT size=1 face=Arial>&nbsp;Total</FONT></STRONG>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=21>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle rowSpan=3 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD vAlign=middle rowSpan=3 width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Iron ore transportation.</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD vAlign=middle rowSpan=3 width="29%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Contractual clause providing for guaranteed revenue on railw ay freight. In the </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>case of CSN, this means a minimum payment of 80% of freight estimate.</FONT></P></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,211</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>127,869</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,255</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85,022</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85,022</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85,022</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,511</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>318,832</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD vAlign=middle width="100%" colSpan=21>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.481pt" bgColor=#f2f2f2 vAlign=middle width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Steel products transportation.</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 1.24pt" bgColor=#f2f2f2 vAlign=middle width="29%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportation of at least 80% of annual volume agreed w ith MRS.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,913</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,323</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,691</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,762</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,762</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,762</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,484</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>215,461</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD vAlign=middle width="100%" colSpan=21>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle rowSpan=3 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD style="TEXT-INDENT: 2.481pt" vAlign=middle rowSpan=3 width="13%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Iron ore, coke and coal </FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>transportation.</FONT></P></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD vAlign=middle rowSpan=3 width="29%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportation of 8,280,000 metric tons per year of iron ore and 3,600,000 </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>metric tons per year of coal, coke and other reducing agents.</FONT></P></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,979</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,004</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,353</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="3%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33,353</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD vAlign=middle width="100%" colSpan=21>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>FCA</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.481pt" bgColor=#f2f2f2 vAlign=middle width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining products transportation.</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 1.24pt" bgColor=#f2f2f2 vAlign=middle width="29%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportation of at least 1,900,000 metric tons per year.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,324</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>661</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,771</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,085</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="3%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>78,856</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD vAlign=middle width="100%" colSpan=21>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle rowSpan=3 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>FCA</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD style="TEXT-INDENT: 2.481pt" vAlign=middle rowSpan=3 width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>FCA railw ay transportation of</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>clinker to CSN Cimentos.</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD vAlign=middle rowSpan=3 width="29%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportation of at least 675,000 metric tons per year of clinker in 2011 and </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>738,000 metric tons per year of clinker starting 2012.</FONT></P></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,071</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,578</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,640</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,300</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,300</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,300</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>118,301</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>211,841</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD vAlign=middle width="100%" colSpan=21>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ALL</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%"></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Railway transportation of steel</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>products.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%"></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="29%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Rail transportation of at least 20,000 metric tons of steel products monthly, </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>which can vary 10% up or down, originated at the &#193;gua Branca Terminal in S&#227;o </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Paulo for CSN PR in Arauc&#225;ria, State of Paran&#225;.</FONT></P></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%"></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,847</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,999</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,370</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="4%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="4%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="3%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="4%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,370</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD vAlign=middle width="100%" colSpan=21>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle rowSpan=3 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>White Martins</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD style="TEXT-INDENT: 2.481pt" vAlign=middle rowSpan=3 width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Supply of gas (oxygen, </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>nitrogen and argon).</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD style="TEXT-INDENT: 1.559pt" vAlign=middle rowSpan=3 width="29%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN undertakers to buy at least 90% of the annual volume of gas <FONT size=1 face=Arial>c</FONT>ontracted </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>with White Martins.</FONT></P></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,035</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91,851</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,221</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72,886</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72,886</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72,886</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72,886</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>309,765</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD vAlign=middle width="100%" colSpan=21>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CEG Rio</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 2.481pt" bgColor=#f2f2f2 vAlign=middle width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Supply of natural gas.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD style="TEXT-INDENT: 1.24pt" bgColor=#f2f2f2 vAlign=middle width="29%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN undertakes to buy at least 70% of the monthly natural gas volume.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>329,038</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>339,079</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69,796</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="3%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>69,796</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD vAlign=middle width="100%" colSpan=21>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle rowSpan=3 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vale S.A</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD vAlign=middle rowSpan=3 width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Supply of iron ore pellets.</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD vAlign=middle rowSpan=3 width="29%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN undertakes to buy at least 90% of the volume of iron ore pellets secured by </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>contract. The take-or-pay volume is determined every 18 months.</FONT></P></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>267,726</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>326,515</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,539</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>122,154</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>81,436</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="3%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>234,129</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD vAlign=middle width="100%" colSpan=21>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compag&#225;s</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="2%"></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Supply of natural gas.</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="2%"></TD>

   <TD style="TEXT-INDENT: 2.399pt" bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="29%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN undertakes to buy at least 80% of the monthly natural gas volume </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>contracted w ith Compag&#225;s.</FONT></P></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="2%"></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,851</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,662</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,791</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,162</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,162</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,162</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>136,460</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>185,737</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD vAlign=middle width="100%" colSpan=21>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle rowSpan=3 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>COPEL</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD vAlign=middle rowSpan=3 width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Power supply.</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD vAlign=middle rowSpan=3 width="29%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN undertakers to buy at least 80% of the annual energy volume&nbsp;&nbsp;</FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>contracted </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>with COPEL.</FONT></P></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,477</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,130</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,872</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,487</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,487</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,487</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,934</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>64,267</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD vAlign=middle width="100%" colSpan=21>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>K&amp;K Tecnologia</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%"></TD>

   <TD style="TEXT-INDENT: 2.481pt" bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="13%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Processing of blast furnace</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>sludge generated during pig iron</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>production.</FONT></P></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%"></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="29%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN undertakes to supply at least 3,000 metric tons per month of blast furnace </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>sludge for processing at K&amp;K sludge concentration plant.</FONT></P></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,714</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,761</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,768</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,074</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,074</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,074</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,285</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=4 width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>74,275</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD vAlign=middle width="100%" colSpan=21>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle rowSpan=5 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Harsco Metals</FONT></TD>

   <TD vAlign=middle rowSpan=5 width="2%"></TD>

   <TD vAlign=middle rowSpan=5 width="13%" align=left>

   <P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Processing of slag generated</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>during pig iron and steel </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>production.</FONT></P></TD>

   <TD vAlign=middle rowSpan=5 width="2%"></TD>

   <TD vAlign=middle rowSpan=5 width="29%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Harsco Metals undertakes to process metal products and slag crushing </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>byproducts resulting from CSN&#8217;s pig iron and steel manufacturing process, </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>receiving for this processing the amount corresponding to the product of the</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>multiplication of unit price (R$/t) by total production of liquid steel from CSN steel </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>mill, ensuring a minimum production of liquid steel of 400,000 metric tons.</FONT></P></TD>

   <TD vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=5 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,091</FONT></TD>

   <TD vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=5 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,539</FONT></TD>

   <TD vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=5 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,500</FONT></TD>

   <TD vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=5 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,000</FONT></TD>

   <TD vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=5 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,000</FONT></TD>

   <TD vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=5 width="3%" align=right></TD>

   <TD vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=5 width="4%" align=right></TD>

   <TD vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=5 width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>52,500</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD vAlign=middle width="100%" colSpan=21>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Siemens</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="2%"></TD>

   <TD style="TEXT-INDENT: 2.481pt" bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Manufacturing, repair, </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><SUB><SUP>recovery</SUP></SUB></FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>and production of ingot casting</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>machine units. </FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="2%"></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="29%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Siemens undertakes to manufacture, repair, recover and produce, in whole or in </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>part, ingot casting machine units to provide the necessary off-line and on-line </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>maintenance of continuous ingot casting machine assemblies of the Presidente </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vargas plant (UPV). Payment is set at R$/t of produced steel plates.</FONT></P></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,820</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,894</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,081</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,856</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="4%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="3%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="4%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>26,937</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="6%" align=left>&nbsp; </TD>

   <TD vAlign=middle width="2%">&nbsp; </TD>

   <TD vAlign=middle width="13%" align=left>&nbsp; </TD>

   <TD vAlign=middle width="2%">&nbsp; </TD>

   <TD vAlign=middle width="29%" align=left>&nbsp; </TD>

   <TD vAlign=middle width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>934,097</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,055,865</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>239,648</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>507,788</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>370,129</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>273,693</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>485,861</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="2%" align=right>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="4%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,877,119</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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; </FONT></B><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: 0cm 0cm 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: 0cm 0cm 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 September 30, 2012 fall due according to the schedule set out in the following table:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD vAlign=middle width="7%"></TD>

   <TD vAlign=middle width="2%"></TD>

   <TD vAlign=middle width="49%"></TD>

   <TD vAlign=middle width="2%"></TD>

   <TD vAlign=middle width="5%"></TD>

   <TD vAlign=middle width="2%"></TD>

   <TD vAlign=middle width="5%"></TD>

   <TD vAlign=middle width="2%"></TD>

   <TD vAlign=middle width="5%"></TD>

   <TD vAlign=middle width="2%"></TD>

   <TD vAlign=middle width="5%"></TD>

   <TD vAlign=middle width="2%"></TD>

   <TD vAlign=middle width="5%"></TD>

   <TD vAlign=middle width="2%"></TD>

   <TD vAlign=middle width="5%"></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Company</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="2%">&nbsp; </TD>

   <TD vAlign=middle width="49%" align=center>&nbsp; </TD>

   <TD vAlign=middle width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="40%" colSpan=11 align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Concession</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="49%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Type of service</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="5%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2012</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="5%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2013</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="5%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2014</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="5%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="5%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ater 2015</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="2%" align=center>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.2pt" vAlign=middle width="5%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD vAlign=middle width="100%" colSpan=15>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="2%"></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="49%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30-year concession, renewable for another 30 years, to provide iron ore railway transportation services </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>from the Casa de Pedra mines, in Minas Gerais, coke and coal from the Itagua&#237; Port, in Rio de Janeiro, to </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Volta Redonda, transportation of export goods to the Itagua&#237; and Rio de Janeiro Ports, and shipping of </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>finished goods to the domestic market.</FONT></P></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,642</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80,171</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80,171</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80,171</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>821,757</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=5 width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,083,912</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD vAlign=middle width="100%" colSpan=15>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle rowSpan=3 width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transnordestina</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD vAlign=middle rowSpan=3 width="49%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30-year concession granted on December 31, 1997, renew able for another 30 years for the development </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>of public utility to operate the Northeastern railway system. The railway system covers 4,238 kilometers of </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>railroads in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.</FONT></P></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,733</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,930</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,930</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,930</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>79,119</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD vAlign=middle rowSpan=3 width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>101,642</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD vAlign=middle width="100%" colSpan=15>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tecar</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="2%"></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="49%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Concession to operate TECAR, a solid bulk terminal, one of the four terminals that comprise the Itagua&#237; Port, </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>in Rio de Janeiro, for a period ending 2022 and renewable for another 25 years.</FONT></P></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="2%"></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,612</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,913</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125,922</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125,922</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>881,455</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle rowSpan=3 width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,274,824</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD vAlign=middle rowSpan=3 width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tecon</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD vAlign=middle rowSpan=3 width="49%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25-year concession granted in July 2001, renewable for another 25 years, to operate the container terminal </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>at the Itagua&#237; Port.</FONT></P></TD>

   <TD vAlign=middle rowSpan=3 width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,960</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,838</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,838</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,838</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>238,384</FONT></TD>

   <TD vAlign=middle rowSpan=3 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>315,858</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="49%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>52,947</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>228,852</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>236,861</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>236,861</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,020,715</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,776,236</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 105of 108</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; 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="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>31.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INSURANCE &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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, 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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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. Under the insurance policy, the LMI (Maximum Limit of Indemnity) is US$500,000,000 and covers the following units and subsidiaries of the Company: &nbsp;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: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>32.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&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=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax and social contribution paid</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>139,668</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>134,621</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99,598</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.293pt" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Addition to PP&amp;E w ith interest capitalization</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>297,471</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>257,965</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>207,450</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>185,221</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.293pt" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Purchase of PP&amp;E w ithout increasing cash</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>373,673</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp; </TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>437,139</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>392,586</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>581,123</FONT></B>&nbsp;</TD>

   <TD width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>284,819</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">PAGE 106of 108</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_107></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></U>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="85%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO
      ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
    PORTUGUESE)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial
      Information - September 30, 2012 &#8211; CIA SIDERURGICA
NACIONAL</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version:
  1</FONT>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></U>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>REPORT ON REVIEW OF INTERIM FINANCIAL
INFORMATION</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>To
the Board of Directors and Shareholders of </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Companhia Sider&#250;rgica Nacional</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><U><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>S&#227;o
Paulo &#8211; SP</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=PT-BR color=black face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Introduction</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>We have
reviewed the accompanying individual and consolidated interim financial
information of Companhia Sider&#250;gica Nacional (the &#8220;Company&#8221;), identified as
Parent and Consolidated, respectively, included in the Interim Financial
Information Form (ITR),for the three-month period ended September 30, 2012,
which comprises the balance sheet as of September 30, 2012 and the related
statements of income and of comprehensive income for the three and nine-month
periods then ended and of changes in equity and of cash flows for the nine-month
period then ended, including the explanatory notes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The Company&#8217;s Management is responsible for
the preparation of the individual interim financial information in accordance
with technical pronouncement CPC&nbsp;21&nbsp;- Interim Financial Information
and of the consolidated interim financial information in accordance with
technical pronouncement CPC&nbsp;21&nbsp; and with international standard
IAS&nbsp;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
and Exchange 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: 0cm 0cm 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; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Scope of review</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>We conducted our review
in accordance with Brazilian and international standards on review of interim
financial information (NBC&nbsp;TR&nbsp;2410 and ISRE&nbsp;2410 - 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 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="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Conclusion on the individual interim financial
information</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US 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 was not prepared, in all material respects, in accordance with
technical pronouncement CPC&nbsp;21, applicable to the preparation of the
Interim Financial Information (ITR),and presented in accordance with the
standards issued by the CVM.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Conclusion on the consolidated interim financial
information</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US 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 was not prepared, in all material respects, in accordance with
</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>technical pronouncement </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CPC&nbsp;21&nbsp;and
</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>international standard </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>IAS&nbsp;34, applicable to the preparation of
Interim Financial Information (ITR),and presented in accordance with the
standards issued by the CVM.</FONT></P>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other matters</FONT></B></P>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Statements of value added</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>We
have also reviewed the individual and consolidated interim statements of value
added (DVA) for the nine-month period ended September 30, 2012, prepared under
the responsibility of the Company&#8217;s Management, the presentation of which is
required by the standards issued by the CVM applicable to the preparation of
Interim Financial Information (ITR) and considered as supplemental information
for International Financial Reporting Standards -IFRS, which do 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 were not prepared, in all material respects,
consistently with the individual and consolidated interim financial information
taken as a whole.</FONT></P></DIV>
<P style="TEXT-ALIGN: right">PAGE 107of 108</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name="page_108"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></I>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.16pt" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - September 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Version: 1</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Review of individual and consolidated interim financial information for the three-month period ended September 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; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The information and amounts for the three and nine-month periods ended September 30, 2011, presented for comparison purposes, were previously reviewed by other independent auditors, whose report, without qualification, was issued and dated on October 27, 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; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The accompanying </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>individual and consolidated interim financial information </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" 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: 0cm 0cm 36pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>S&#227;o Paulo, October 31, 2012</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>DELOITTE TOUCHE TOHMATSU</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 300pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Roberto Wagner Promenzio</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Auditores Independentes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 300pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Engagement Partner</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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></DIV>

<P style="TEXT-ALIGN: right">PAGE 108of 108</P>

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<DIV style="PAGE-BREAK-BEFORE: always">

<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;November 13, 2012</FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center>

<TABLE style="WIDTH: 50%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL </FONT></DIV></TD></TR>

<TR height=20>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Benjamin Steinbruch </FONT></DIV>

   <HR align=left color=#000000 SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Benjamin Steinbruch </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Chief Executive Officer <BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

<P></P>

<P>&nbsp;</P>

<P></P>

<DIV align=center>

<TABLE style="WIDTH: 50%" border=0 cellSpacing=0 cellPadding=0 align=center>



<TR>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left>&nbsp;</DIV></TD></TR>

<TR height=20>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;David Moise Salama </FONT></DIV>

   <HR align=left color=#000000 SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>David Moise Salama </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Investor Relations Executive Officer <BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

<DIV>&nbsp;</DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<P></P>

<P>&nbsp;</P>

<P></P>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P></P>

<P align=justify><FONT size=2 face="Times New Roman, Times, Serif">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

<P></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
